Chapter 4
Current Liabilities
157
AS-14 (
1
)
Why are accrued liabilities considered known liabilities?
AS-15 (
3
)
Give an example of accrued liabilities that is common to most businesses.
AS-16 (
3
)
How are gross pay and net pay different? Should a company record salaries expense using
gross pay or net pay?
AS-17 (
4
)
Define sales tax.
