An Example of a Long-Term Liability Is

question 2

Multiple Choice

An example of a long-term liability is:

• A) Current taxation payable
• B) Mortgage
• C) Proposed dividend
• D) Accumulated depreciation

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Definitions:

Account Reconciliation

The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.

Payroll Register

A multicolumn form that is used to record payroll data.

Journal Entries

The recording of financial transactions and events in the books of accounts, in chronological order, detailing the financial effects of business transactions and events.

Payroll Tax Expense

Taxes that are levied on an employer based on the wages and salaries paid to employees.