Chapter 8 Circle the best choice for questions 11 -16. (2 points cach). 11. In most cases, current liabilities are payable within year(s), and long-term liabilities are payable more than years from now a. One; two b. One; one c. Two; two d. One; ten 12. Which of the following is not a characteristic of a liability? a. It represents a probable, future sacrifice of economic benefits. b. It must be payable in cash. c. It arises from present obligations to other entities. d. It results from past transactions or events 13. Which of the following is not an employer payroll cost? a. FICA taxes. b. Federal and state unemployment taxes c. Federal and state income taxes. d. Employer contributions to a retirement plan. 14. Which of the following is not withheld from an employee's salary? FICA taxes. Federal and state unemployment taxes Federal and state income taxes Employee portion of health insurance. a. b. c. d. 15. If management can estimate the amount of loss thau will occur due to litigation against the company, and the likelihood of the loss is probable, a contingent liability should be a. Disclosed, but not reported as a liability. b. Disclosed and reported as a liability c. Neither disclosed nor reported as a liability. d. Reported as a liability, but not disclosed 6. United Supply has a $5 million liability at December 31, 2018, of which $1 million is payable in each of the next five years. United Supply reports the liability on the balance sheet as a: a. $5 million current liability. b. $5 million long-term liability. c. $1 million current liability and a $4 million long-term liability d. $4 million current liability and a S1 million long-term liability