Current Liabilities Are Debts of the Firm That Will Be

question 3

Multiple Choice

Current liabilities are debts of the firm that will be due within:

• A) three months.
• B) six months.
• C) one year.
• D) two years.

---

Definitions:

Articles of Confederation

The first constitution of the United States, which created a loose alliance of sovereign states with a weak central government.

Revolutionary War

A conflict from 1775 to 1783 in which the thirteen American colonies won independence from Great Britain.

Bicameral Legislature

A legislative body composed of two chambers or houses; in the United States, it comprises the Senate and the House of Representatives.

Great Compromise

The agreement during the Constitutional Convention of 1787 that created a two-house Congress, with the Senate having equal representation for each state and the House of Representatives based on population.