Read the overview below and complete the activities that follow. In addition to trade accounts payable, many companies have other types of current liabilities. These include amounts withheld from employees' pay, sales and other taxes payable, deposits, and other accrued liabilities. CONCEPT REVIEW:
Companies have many different types of current liabilities. These can include various taxes payable (income tax, sales tax, payroll tax), accrued amounts for salary, vacation or other benefits, and estimates such as accrued utilities and warranty. To adhere to the concept of the matching principle, companies must estimate the amount of their other liabilities.
1. Federal anid state governments do not specily the exactto be maint, but do specify the amounts to be withheld.
2. Income taxes withheld from employees but not yet submitted to the govenment are considered to be a(n).
3. When testing customer deposits, auditors typically review a(n)of the individual deposits.
4. When testing other accrued liabilities. auditors may independently calculate the amount and it to management's estimate.
5. Property tax payments are typicallyin number.

1. Federal and state governments do not specify the exact__number of accountsto be maintained, but do specify the amounts to be withheld.

2. Income taxes withheld from employees but not yet submitted to the government are considered to be a(n)_liability.

3. When testing customer deposits, auditors typically review a(n)_sampleof the individual deposits.

4. When testing other accrued liabilities. auditors may independently calculate the amount and__compare it to management's estimate.

5. Property tax payments are typically_numerousin number.

Explanation:

Even Federal and State governments and business organizations apply the matching principle of the generally accepted accounting principles.  The principle requires that revenues are matched to the expenses that are incurred in generating them and vice versa.  The purpose is to present a balance view of financial performance and position of the reporting entity.  For this reason, who expenses may not be actually paid for and they are recognized while some that have been paid for are not.  The same rule applies to the revenue side.

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