Knowledge Check 01 Which of the following describe the factors that determine the amounts reported for a liability? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) O Initially, the company records each liability at the amount of cash a creditor would accept to settle the liability immediately after a transaction or event creates the liability. The company decreases liabilities whenever the company makes a payment or provides services to the creditor. The company increases liabilities whenever additional obligations arise. The initial amount of the liability includes any interest charges relating to the liability Knowledge Check 01 Which of the following statements about accrued liabilities are true? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Accrued liabilities include expenses that have been paid but not incurred as of the end of the accounting period. Accrued payroll includes payroll deductions and employer payroll taxes. Employer payroll taxes include FICA taxes, federal unemployment taxes, and state unemployment taxes. U Payroll deductions are amounts the employer has withheld from the employee's paycheck on behalf of another entity