When Was the Last Time the U

question 24

Multiple Choice

When was the last time the U.S.government had a balanced budget?

• A)1970s
• B)1980s
• C)1990s
• D)2000s
• E)None of these answers is correct.

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Definitions:

Current Liability

A company's obligations or debts that are due to be paid to creditors within one year.

Current Asset

Assets that are expected to be converted into cash, sold, or consumed within one year or within the operating cycle of the business, whichever is longer.

Temporary Accounts

Accounts used to collect information during a single accounting period, which are reset by transferring the balance to a permanent account at the period's end.

Prepaid Expenses

Items such as supplies that will be used in the business in the future.