Which of the following is a characteristic of a current liability but not a long-term liability? a. Liquidation is reasonably expected to require use of existing resources classified as current assets or create other current liabilities. b. Unavoidable obligation. c. Transaction or other event creating the liability has already occurred
Which of the following is a characteristic of a current liability but not a long-term liability? a. Liquidation is reasonably expected to require use of existing resources classified as current assets or create other current liabilities. b. Unavoidable obligation. c. Transaction or other event creating the liability has already occurred
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 11Q
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Which of the following is a characteristic of a current liability but not a long-term liability?
a. Liquidation is reasonably expected to require use of existing resources classified as current assets or create other current liabilities.
b. Unavoidable obligation.
c. Transaction or other event creating the liability has already occurred.
d. Present obligation that entails settlement by probable future transfer or use of cash, goods, or services.
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