Question: Explain the difference between a current liability and a contingent liability? Explain the internal controls that are needed to maintain efficiency in payroll? Explain why

Explain the difference between a current liability and a contingent liability?

Explain the internal controls that are needed to maintain efficiency in payroll?

Explain why payroll deductions need to be shown as liabilities to the employer?
Explain the accounting for warranties. Be specific and include in your discussion the principle that governs the accounting method?
Define a contingent liability and give several examples?
What is a current liability?

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