2. Listed below are several terms and phrases associated with current liabilities. Pair each item in the first column (by number) with the item in the second column that is most appropriately associated with it.

Loss is reasonably possible and can be reasonably estimated.

Cash, short-term investments, and accounts receivable all divided by current liabilities.

Loss is probable and can be reasonably estimated.

Incurred on a notes payable.

Social Security and Medicare.

Classifying liabilities as either current or long-term helps investors and creditors assess this.

Interest expense is recorded in the period interest is incurred rather than in the period interest is paid.

Long-term debt maturing within one year.

Unsecured notes sold in minimum denominations of $25,000 with maturities up to 270 days.

Gift cards.

Acid-test ratio ____

Recording a contingent liability ____

Unearned revenues ____

Current portion of long-term debt ____

FICA ____

Accrual accounting ____

Disclosure of a contingent liability ____

Interest expense ____

Commercial paper ____

The riskiness of a business's obligations ____