Liabilities Have Which of the Following Two Major Categories

question 96

Multiple Choice

Liabilities have which of the following two major categories?

• A)Accounts payable and notes payable
• B)Contributed capital and retained earnings
• C)Current and long term
• D)Unearned revenues and other payables

---

Definitions:

Output

Output refers to the total amount of goods or services produced by a company, industry, or economy within a certain period, often used as a measure of productivity or economic activity.

Firm

A business organization, such as a corporation, partnership, or sole proprietorship, that sells goods or services in exchange for revenue.

Reduces

Makes smaller in amount, degree, or size; diminishes or lessens.

Perfectly Competitive

A market structure where many firms sell identical products, no single firm can influence the market price, and there are no barriers to entry or exit.