Identify the Classifications of the Following Accounts as Either Current

question 151

Multiple Choice

Identify the classifications of the following accounts as either current or long-term liabilities for the December 31, 2016 balance sheet.
-An amount of money owed to a supplier based on the terms 2/20, n/40, for which no note was executed.

• A)Current liability
• B)Long-term liability

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Definitions:

Higher Safety Standards

Enhanced or elevated measures and regulations implemented to ensure the well-being and protection of individuals and environments.

Carbon Emissions Per Capita

A measure of the total amount of carbon dioxide emissions produced by a country, divided by the country's population, indicating the average carbon footprint per person.

Continent

One of the large landmasses on the earth's surface, traditionally counted as seven in number.

Modern Plague

Refers to contemporary diseases or health crises that have widespread impact on public health, similar to the historical impact of the bubonic plague.