choose the right answerThe debts which are to be repaid within a short period (a year or less) are referred to as,Contingent liabilitiesAll the aboveFixed liabilitiesCurrent Liabilities Ochoose the right answerGross profit isSales - Purchases OCost of goods sold + Opening stockSales - cost of goods soldNet profit - expenses

Liabilities: Liabilities refers to the financial obligation of the business it does not include…

Answered: choose the right answer e debts which…

choose the right answer e debts which are to be repaid within a short period (a year or less) are referred to as, Contingent liabilities All the above Fixed liabilities O

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A: Basic Concept of accounting

Concept explainers

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.

Question

choose the right answer
The debts which are to be repaid within a short period (a year or less) are referred to as,
Contingent liabilities
All the above
Fixed liabilities
Current Liabilities O
choose the right answer
Gross profit is
Sales - Purchases O
Cost of goods sold + Opening stock
Sales - cost of goods sold
Net profit - expenses

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