Liabilities

question 45

Multiple Choice

Liabilities:

• A) Must be certain.
• B) Must sometimes be estimated.
• C) Must be for a specific amount.
• D) Must always have a definite date for payment.
• E) Must involve an outflow of cash.

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Definitions:

Consumption Component

The part of gross domestic product (GDP) that includes spending by households on goods and services, excluding purchases of new housing.

Education

The systematic process of facilitating learning, acquisition of knowledge, skills, values, beliefs, and habits through various methods including teaching, training, storytelling, and research.

Annual Rate

is a percentage figure that represents the growth, yield, or return on investment over the span of one year.

Inventory

The total amount of goods and/or materials contained in a store or factory at any given time.