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Questions and Answers
What is the current portion of a long-term liability?
What is the current portion of a long-term liability?
- The portion of a long-term borrowing that is currently due (correct)
- The portion of a long-term borrowing that will be due in the next month
- The total amount of the long-term liability
- The portion of a long-term borrowing that will be due in the next 5 years
How are non-current liabilities defined?
How are non-current liabilities defined?
- Liabilities due within the next 6 months after the accounting period
- Liabilities that are not currently payable (correct)
- Liabilities that are currently payable
- Liabilities due within the next 12 months after the accounting period
Which of the following decreases capital?
Which of the following decreases capital?
- Income
- Expenses (correct)
- Withdrawals made by owners
- Additional contributions from owners
What is capital equal to?
What is capital equal to?
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How does owner withdrawal impact capital?
How does owner withdrawal impact capital?
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Which of the following increases capital?
Which of the following increases capital?
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What defines non-current assets?
What defines non-current assets?
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