A Current Liability Is Defined as a Commitment or Obligation

question 95

Multiple Choice

A current liability is defined as a commitment or obligation which requires a company to transfer assets, create a new current liability, or provide services to another entity at some point in the future that must occur

• A)within one year.
• B)within one year or within the operating cycle, whichever is shorter.
• C)within one year or within the operating cycle, whichever is longer.
• D)by the end of the operating cycle.

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Definitions:

Thermostats

Devices that automatically regulate temperature by controlling the operation of heating or cooling systems.

NOOK

An e-book reader and tablet designed by Barnes & Noble, providing users access to a vast library of digital books, newspapers, and magazines.

Kindle

A brand of e-reader devices developed by Amazon, allowing users to buy, download, and read digital books.

E-text

Digitally published text that can be read on computers or other electronic devices, such as ebooks.