Which of the Following Is Not a Current Liability

question 1

Multiple Choice

Which of the following is not a current liability?

• A) Salaries and Wages Payable
• B) Accounts Payable
• C) Taxes Payable
• D) Bonds Payable

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Definitions:

Good Substitutes

Products or services that can be used in place of each other, having a high cross-elasticity of demand.

Income Elasticity Coefficient

A measure indicating how much the quantity demanded of a good responds to change in consumer income.

Recessions

Periods of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in successive quarters.

Income Elasticity

A measure of how much the demand for a product or service changes in response to changes in consumer income.