Liabilities Have Which of the Following Two Major Categories

question 12

Multiple Choice

Liabilities have which of the following two major categories?

• A) Investments and long term
• B) Contributed capital and retained earnings
• C) Current and long term
• D) Current and intangible

---

Definitions:

Expressly Excludes

A contractual term used to specify that certain conditions or provisions are deliberately not covered within an agreement.

Vicarious Liability

Legal responsibility taken by one party for the actions of another, typically in an employer-employee relationship.

Independent Contractors

Individuals or entities hired to perform specific tasks or services for another entity under a contract, but who retain control over how those services are executed.

Constructive Notice

A legal concept where a person is deemed to have legal notice of a fact, even if they were not directly informed, often through public records.