Which of the Following Statements Concerning Current Liabilities Is Incorrect

question 73

Multiple Choice

Which of the following statements concerning current liabilities is incorrect?

• A) Current liabilities include unearned revenues.
• B) A company that has more current liabilities than current assets is usually the subject of some concern.
• C) Current liabilities include prepaid expenses.
• D) A current liability is a debt that can reasonably be expected to be paid out of existing current assets or result in the creation of other current liabilities.

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Definitions:

Implicit Memory

A type of memory in which previous experiences aid the performance of a task without conscious awareness of these previous experiences.

Semantic Memory

A type of long-term memory that involves the ability to remember meanings, concepts, facts, and general knowledge about the world.

Episodic Memory

The ability to remember specific events or episodes from one's life, including the contexts and emotions associated with them.

Mnemonic Devices

Tools or strategies used to improve memory through the use of patterns, rhymes, acronyms, or visual aids.