Current Liabilities Are Expected to Be Paid Within One Year

question 33

True/False

Current liabilities are expected to be paid within one year or the operating cycle,whichever is shorter.

---

Definitions:

Saving Rate

The proportion of disposable income that is saved rather than spent by households.

Tax Base

The total amount of assets or income that can be taxed by a governing authority, forming the essential revenue source.

Progressive Income Tax

A tax system where the tax rate increases as the taxable amount increases, placing a higher tax burden on high-income earners.

Ability-to-Pay Principle

A tax principle suggesting that taxes should be levied according to an individual or entity's capacity to pay, generally implying that those with higher incomes should pay more tax.