Examlex
Which of the following is true?
Liabilities
Financial obligations or debts owed by a company to creditors, typically classified as either current or long-term.
Contingent Liability
A potential obligation that may be incurred depending on the outcome of a future event or set of circumstances.
Net Income
The net income of a business once all deductions including expenses, taxes, and other costs are taken from the total earnings.
Inventory
The total amount of goods and materials held by a business for the purpose of resale or production.
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