Which of the Following Should NOT Be Included in the Current

question 42

Multiple Choice

Which of the following should NOT be included in the current liabilities section of the statement of financial position?

• A) trade accounts payable
• B) current portion of long-term debt to be retired by non-current assets
• C) short-term zero-interest-bearing notes payable
• D) a liability due on demand (callable debt)

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Definitions:

Free Trade

The elimination of tariffs, quotas, and other trade barriers between countries to allow for the unrestricted exchange of goods and services.

Autarky Price

The price of goods in a closed economy that does not engage in international trade.

Domestic Supply

The total amount of goods and services produced within a country that is available for purchase.

Domestic Demand

The total demand for goods and services within a country's borders, excluding exports and including imports.