Liabilities Are

question 82

Multiple Choice

Liabilities are

• A)sometimes credit and other times debit balances.
• B)deferred amounts which will be recognized on the balance sheet when the actual due date arrives.
• C)obligations arising from past transactions and payable in assets or services in the future.
• D)obligations to transfer ownership of one company to other entities.

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Definitions:

Identity

The characteristics, attributes, or qualities that make a person or thing unique and distinguishable from others.

Nominal GDP

The value of the final goods and services produced in a given year valued at that year’s prices.

Velocity of Money

The speed at which currency is transferred from one deal to another and the frequency of usage of a currency unit within a specific timeframe.

Unemployment

The state of being without a job despite actively looking for work, usually measured as a percentage of the labor force.