Examlex
Which of the following statements is FALSE?
Long-Term Liability
A financial obligation of a company that is due more than one year in the future.
Current Liability
Financial obligations or debts that a company is expected to pay within one year, including accounts payable, wages, and short-term loans.
Internal Controls
Methods and policies established by a company to guarantee the accuracy of finance and accounting data, encourage responsibility, and deter deceptive practices.
Cash Payments
Outflows of cash by a business to settle obligations, such as paying expenses, debts, or purchasing assets.
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