The Characteristics of a Liability Include

question 47

Multiple Choice

The characteristics of a liability include:

• A) Occurrence of a past transaction or event.
• B) Requirement of future payment of assets or rendering of services.
• C) A liability can be current or long term.
• D) Existence of a present obligation.
• E) All of these answers are correct.

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Definitions:

Seasonal Affective Disorder

A type of depression that occurs at a specific time of year, usually in the winter, when there is less natural sunlight.

Equator

An imaginary line that wraps around the center of the Earth, equidistant from the North and South Poles, dividing the Earth into Northern and Southern Hemispheres.

Daylight

The natural light received from the sun during the day.

Norepinephrine

A neurotransmitter involved in arousal and alertness, as well as in the body's stress response.