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:

Ego

In psychoanalytic theory, the part of the personality that mediates between the demands of the id, superego, and reality.

Freud

Austrian scientist Sigmund Freud pioneered the field of psychoanalysis, a therapeutic technique for healing psychological disorders through dialogue between patients and their psychoanalysts.

Defense Mechanism

Psychological strategies brought into play by individuals, groups, and even nations to cope with reality and to maintain a self-image by reducing the anxiety they feel when faced with stressful situations.

Projection

A defense mechanism where an individual attributes their unwanted thoughts or feelings onto someone else.