Determine and discuss the three types of liabilities

Reference no: EM132476734

There are three types of liabilities:

Point 1: Those where the payee is known, and the amount is also known with certainty.

Point 2: Those where the payee is known, but the amount is not known with certainty...it can be estimated.

Point 3: Those where the payee is not known, and the amount is also not known with certainty and sometimes cannot be estimated.

Question 1: Give two examples of the liabilities described in no. 3 above.

Reference no: EM132476734

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