A Note Receivable Due in 18 Months Is Listed on the Balance

question 34

Multiple Choice

A note receivable due in 18 months is listed on the balance sheet under the caption

• A) long-term liabilities
• B) fixed assets
• C) current assets
• D) investments

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Definitions:

Excise Tax

A tax applied to specific goods, services, or activities, often with the intention of reducing consumptions, such as taxes on tobacco or alcohol.

Tax Incidence

The study of who ultimately bears the economic burden of a tax, whether producers or consumers.

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in its price.

Excise Tax

A tax levied on the sale of particular goods and services, such as alcohol, tobacco, and gasoline.