Which one of the following statements does not describe liabilities correctly? Select one: O a. Most common long-term liabilities are loans and mortgage loan. O b. Current liabilities are long-term obligation that are payable after more than one year. O c. Examples of current liabilities are bank overdrafts, short-term loans and accrued expenses. O d. Liabilities are economic obligations of a business

Which one of the following statements does not describe liabilities correctly? Select one: O a. Most common long-term liabilities are loans and mortgage loan. O b. Current liabilities are long-term obligation that are payable after more than one year. O c. Examples of current liabilities are bank overdrafts, short-term loans and accrued expenses. O d. Liabilities are economic obligations of a business

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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H1.
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