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

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Definitions:

S Corporations

A type of corporation in the United States that meets specific Internal Revenue Code requirements, allowing it to pass income directly to shareholders and avoid double taxation.

Taxed

Subjected to a financial charge or levy imposed by a governmental organization on income, goods, or activities.

Managerial Conflict

Refers to disputes or disagreements among individuals in managerial or supervisory positions within an organization, often arising from differences in opinions, decisions, or management styles.

Partnership

A type of business organization where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed.