Long-Term Liabilities Include

question 44

Multiple Choice

Long-term liabilities include

• A)obligations not expected to be liquidated within the operating cycle.
• B)obligations payable at some date beyond the operating cycle.
• C)deferred income taxes and most lease obligations.
• D)all of these.

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Definitions:

Dislocated

Often referring to workers who have lost their jobs due to economic changes, making it difficult for them to find equivalent employment.

Sue

to bring a legal action against someone in order to obtain a remedy or compensation.

Landlord

An individual or entity that owns and rents out real estate, providing the lessee or tenant with the right to use the property under agreed conditions.

25-Year Lease

This is a rental agreement granting the lessee the right to use a property for a period of 25 years.