Current Liabilities Fall into Two Categories Which Are Referred to As

question 149

Multiple Choice

Current liabilities fall into two categories which are referred to as:

• A) contingent liabilities and contra-liabilities.
• B) contingent liabilities and noncontingent liabilities.
• C) unearned liabilities and contra-liabilities.
• D) liabilities of a known amount and estimated liabilities.

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Definitions:

Price Elasticity Of Supply

The percentage change in quantity supplied, divided by the percentage change in the price that caused the change in quantity supplied.

Immobile Factor

Refers to a factor of production that cannot easily be moved from one place to another, such as land or a fixed installation.

Supply Of Resource

The total amount of a commodity, product, or service available for use, sale, or distribution.

Oil

A fossil fuel used primarily for energy production and as a raw material in the manufacture of plastics and other important chemicals.