QUESTION 19 Match each of the following current liabilities with its meaning. A. An accrued liability for amounts owed to employees for work Unemployment taxes payable performed B. Interest payable A contractual agreement to borrow and repay money. C. FICA taxes payable Amounts owed for purchases on credit. D. Estimated warranty liability Amounts collected from customers in advance. E. Unearned sales revenues C. v Social security and medicare taxes owed. F. Wages payable Amounts collected from customers that must be passed along to the G. Account payable state. H. Sales taxes payable Amounts expected to be paid to repair or replace defective products. 1. Note payable Amounts funded by companies to provide benefits to fired workers. An accrued liability that represents the cost of borrowing. QUESTION 14 Which of the following statements regarding contingent liabilities is true? The accounting principle that determines whether a contingent liability is to be recorded is that of Historical Cost. Contingencies that are not estimable should not be recorded or disclosed in the financial statements even if they are probable. If they are probable and estimable, then they must be recorded even before the outcome of the future event. If they are probable and estimable, then they should be disclosed in the notes to the financial statements