Match the Following Items with the Appropriate Designation (Current Liability

question 5

Multiple Choice

Match the following items with the appropriate designation (Current liability, Long-term liability, or Not a liability) .
-Debt guarantees

• A)Long-term liability
• B)Not a liability
• C)Current liability

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Definitions:

Property Insurance Policies

Contracts that provide financial reimbursement to the owner or renter of a structure and its contents, in case of damage or theft.

Insurable Interest

A requirement that a person seeking to purchase insurance has a legitimate interest in safeguarding the item or life being insured from loss or damage.

Market Value

The amount for which something can be sold on a given market at a specific time.

Property

Legal rights to own, use, and dispose of land, buildings, goods, intellectual creations, and other items.