Which Categories Are Used to Classify Liabilities

question 11

Multiple Choice

Which categories are used to classify liabilities?

• A) Short term versus long term
• B) Financial versus operating/trading
• C) Interest-bearing versus non-interest bearing
• D) All of these.

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Definitions:

Executory

A term applied to a contract whose terms have not all been fully performed.

Tutor

A tutor is an individual who provides one-on-one guidance and instruction to a student or learner, often in academic subjects or skills.

Paid

A status indicating that a financial obligation or debt has been fulfilled.

Voidable

Describes a legal agreement that may be declared invalid by one of the parties due to specific conditions such as fraud, coercion, or incapacity.