An Example of a Current Liability That Must Be Accrued

question 4

Multiple Choice

An example of a current liability that must be accrued is

• A)accounts payable.
• B)current maturity of long-term debt.
• C)revenue received in advance.
• D)income taxes payable.

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Definitions:

Property Rights

Legal rights to possess, use, and dispose of assets freely. Property rights secure ownership and encourage investment by protecting and enforcing the legal ownership of resources.

Environmental Regulators

Authorities or agencies responsible for enforcing laws and regulations intended to protect the environment from harmful industrial or commercial activities.

Pollution Emissions

The release of pollutants into the environment, usually as a byproduct of human activity, which can harm human health, natural ecosystems, and the climate.

Government Charges

Fees or dues levied by the government on businesses or individuals for various purposes.