The Most Frequently Used Current Liabilities Are

question 91

Multiple Choice

The most frequently used current liabilities are:

• A)accounts payable,accounts receivable,and accrued liabilities.
• B)accounts payable,notes payable,and accrued liabilities.
• C)cash,notes payable,and accrued liabilities.
• D)accounts payable,notes payable,and inventories.

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Definitions:

Equilibrium Quantity

The quantity of goods supplied is equal to the quantity of goods demanded at the market equilibrium price.

Substitutes

Goods or services that can replace each other in use, where an increase in the price of one leads to an increase in demand for the other.

Inferior Good

A type of good for which demand decreases as the income of consumers increases.

Demand Curve

A diagram that shows how the quantity of a product demanded by buyers changes according to its price.