In the Statement of Cash Flows,an Increase in a Current

question 171

True/False

In the statement of cash flows,an increase in a current liability will appear as an increase in the Financing category.

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Definitions:

Assignment

The transfer of rights, property, or responsibilities from one party to another.

Treasury Bills

Short-term debt obligations issued by the government to finance its operations, with maturities ranging from a few days to one year.

Mutual Mistake

A legal concept where both parties involved in an agreement have a misunderstanding regarding a critical fact of the agreement.

Reasonable Person Test

In a negligence action, the judicial standard of socially acceptable behavior; the standard used to determine the existence of apparent authority of an agent.