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- Consider the global water cycle depicted in the accompanying figure. Which one of the reserves contains the smallest percentage of global water?
Current Liability
An obligation that is due to be paid within one year or within the normal operating cycle of the business, whichever is longer.
Expenses
The outflows or using up of assets as part of operations of a business to generate revenue.
Sales Tax Revenue
The income received by a government from the imposition of a tax on the sale of goods and services.
Sales Revenue
The earnings accumulated from the sale of products or services during a specific timeframe.
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