Examlex
Which of the following statements about different elements is incorrect?
Long-Term Liabilities
Financial obligations of a business that are due more than one year in the future.
Current Liabilities
Debts or obligations that are due to be paid within one year or within the normal operating cycle.
Discount
A reduction applied to the regular price of products or services.
Note Payable
A written agreement in which one party promises to pay another party a certain amount of money at a specific future date or on demand.
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