Current Liabilities Includes All of the Following Except

question 41

Multiple Choice

Current liabilities includes all of the following except

• A) income tax payable.
• B) mortgage due to be paid this year.
• C) notes receivable.
• D) advance payments from customers.

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Definitions:

Accounting Services

Professional services that involve maintaining financial records, tax preparation, and audit assistance.

Software

A collection of data, programs, procedures, and instructions that tell the hardware of a computer what to do.

Accumulated Depreciation

Represents the total depreciation expense charged against an asset over its useful life up to a specific date, reflecting the decrease in value of physical assets.

Adjusting Journal Entry

A record made in the books at the close of an accounting period for the purpose of assigning income and expenses to their rightful period.