Which of the Following Is Not a Long-Term Liability Account

question 49

Multiple Choice

Which of the following is not a long-term liability account with a high risk of material misstatement?

• A)Warranty reserves.
• B)Pension obligations.
• C)Other postemployment benefits.
• D)Marketable securities.

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Definitions:

Bowles and Gintis

Two economists known for their work on the correspondence theory, examining the relationship between education and the economy.

Social Class Mobility

The ability for individuals or groups to move within or between social hierarchies in a society.

Objective Impossibility

A situation in which it is not possible to perform a contract due to circumstances beyond the control of all parties.

Restatement

A compilation that aims to clarify, organize, and simplify the law, often used as reference in legal reasoning and decisions.