1. Liabilities a. cannot be estimated.

b. are shown on the left side of the = sign in the basic accounting equation.

c, may also be thought of as creditors claims against the assets of the business.

d. include amounts that are paid by the business in advance of a service that is to be provided to the business.

2. A written promise to pay a specified amount on a stated future date within one year is a ______________ (long, short, mid)-term note payable.

3. IRS Form 951 is a payroll report that is filed with the Internal Revenue Service. a. Yes b. No