Essay
The following answers point out the key phrases that should appear in students’ answers. They are not intended to be examples of complete student responses. It might be helpful to provide detailed instructions to students on how brief or in-depth you want their answers to be.
137. Why is it important to distinguish between current and long-term liabilities?
138. Explain why we record interest in the period in which we incur it rather than in the period we pay it.
139. Name as many items as you can that are withheld from employee payroll checks. Which employee deductions are required by law and which are voluntary? Name as many items as you can that are employer payroll costs in addition to the employee’s salary. Which employer costs are required by law and which are voluntary?
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