Which One of the Following Accounts Would Not Necessarily Be

question 234

Multiple Choice

Which one of the following accounts would not necessarily be classified as a current liability?

• A)Accounts payable
• B)Accrued liabilities
• C)Contingent liabilities
• D)Current portion of long-term debt

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Definitions:

Privately Owned

Describes businesses or assets owned by individuals or companies and not by the government or the public.

Nonprofit Organization

An organization that operates for a collective, public, or social benefit, instead of working for profit or income for its owners or investors.

Political Rally

A large public gathering organized by political entities to garner support, promote agendas, or energize voters.

Profit

The financial gain made in a transaction or business operation, calculated by subtracting total expenses from total revenue.