Which Line Items on the Balance Sheet Would Be Classified

question 84

Multiple Choice

Which line items on the balance sheet would be classified as long term?

• A) Cash; Supplies; Accounts Payable.
• B) Property, Plant and Equipment; Notes Payable; Other Assets.
• C) Supplies; Property, Plant and Equipment; Notes Payable.
• D) Total Assets; Total Liabilities; Other Assets.

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Definitions:

Economic Theory

A set of principles and methodologies that explain how economies function, covering topics from microeconomics to macroeconomics.

Economic Systems

The organized way a society allocates its resources and distributes goods and services among its population.

Recession

A short-term economic slump characterized by a reduction in business and industrial activities, usually signified by a GDP decrease over two back-to-back quarters.

Real GDP

Gross Domestic Product adjusted for inflation, providing a more accurate representation of an economy's size and how it's growing over time.