Assume You Are Preparing a Balance Sheet Dated December 31,2014

question 131

Multiple Choice

Assume you are preparing a balance sheet dated December 31,2014.Which of the following is NOT a long-term liability?

• A) bonds payable due June 30, 2016
• B) bonds payable due June 30, 2015
• C) bonds payable due December 31, 2016
• D) bonds payable due December 31, 2020

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Definitions:

Federal Government Role

The involvement of the national government in regulating the economy, providing public services, and enforcing laws within a country.

Economic Development

The method through which a nation, region, or local community's economic prosperity and life quality enhance in line with specified aims and objectives.

Mass Production

The manufacturing of large quantities of standardized products, often using assembly lines or automated technology, which benefits from economies of scale.

Suburbanization

The process by which populations move from urban areas to suburbs, often leading to the growth of residential areas on the outskirts of cities.