Which of the Following Items Cannot Be Found on a Firm's

question 48

Multiple Choice

Which of the following items cannot be found on a firm's balance sheet under current liabilities?

• A) Accounts payable.
• B) Short-term notes payable to the bank.
• C) Accrued wages.
• D) Cost of goods sold.
• E) Accrued payroll taxes.

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Definitions:

Expansion Path

A curve that shows how the input combinations of a firm change as it increases output, keeping the input ratios constant.

Least-Cost Combination

A production point where the mix of inputs results in the lowest possible cost for a given output level.

Input Prices

The prices of the resources (like labor, materials, and capital) used in the production of goods or services.

User Cost

The cost of using a resource, which includes the opportunity cost of not keeping the asset intact or not using it for an alternative purpose.