Identify the Classifications of the Following Accounts as Either Current

question 99

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 the federal government based on the company's annual income.

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

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Definitions:

Secret-Ballot Elections

A voting method in which voters' choices are confidential to ensure free and fair selection, often used in union representation elections.

Union Security Arrangement

A provision in a collective bargaining agreement that ensures the stability and support of the union through various means, such as requiring union membership or dues payment from workers.

Agency Shop

A form of a union security agreement where employees do not have to join the union but must still pay dues as if they were members.

Union Shop

Union security arrangement that requires employees to join the union within a certain amount of time (30 days) after beginning employment.