Which Is a Non-Current Liability

question 35

Multiple Choice

Which is a non-current liability?

• A)HST payable.
• B)45 day accounts payable.
• C)Five year loan that matures four months after year end reporting date.
• D)The creditor has granted a 15-month grace period on a loan in default.

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Definitions:

Price Ceilings

Regulatory limits on the maximum price that can be charged for a good or service, intended to protect consumers from extreme prices.

Price Floors

Legislation that sets the minimum price that can be charged for goods and services.

Market Equilibrium

A situation in a market where the quantity supplied equals the quantity demanded, often corresponding to an equilibrium price.

Price Ceiling

A maximum limit set by the government on the price of a good or service, intended to protect consumers.