Question

which of the following statements related to estimated liabilities is false? multiple choice they are known obligations of an uncertain amount that can be reasonably estimated. they include vacation benefits and paid absences. they are always reported in the notes to financial statements. the journal entry to record estimated liabilities includes a debit to an expense account and credit to a payable account.

Explanation:

Estimated liabilities are known obligations with an uncertain amount that can be reasonably estimated. They include items like vacation benefits and paid - absences. The journal entry for estimated liabilities debits an expense account and credits a payable account. However, they are not always reported only in the notes to financial statements; they can also be reported on the balance sheet.

Answer:

C. They are always reported in the notes to financial statements.