When Classifying Assets and Liabilities

question 217

Multiple Choice

When classifying assets and liabilities:

• A)assets are classified as liquid and non-liquid.
• B)for most businesses the operating cycle is two years.
• C)furniture and fixtures are long-term assets.
• D)current liabilities include accounts receivable.

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Definitions:

Biologically Determined

Features or traits that are shaped by genetic factors rather than environmental influences.

Identical Twins

Twins that develop from a single fertilized egg and share exactly the same genetic material.

Biological Parents

The birth parents of an individual, providing the genetic material through reproduction.

Mental Ability

The capacity to perform cognitive tasks, understand complex ideas, solve problems, and learn from experience.