Which of the Following Are a Possible Basis for Classifying

question 35

Multiple Choice

Which of the following are a possible basis for classifying liabilities?
I. Source
II. Liquidity
III. Timing of settlement
IV. Whether secured or unsecured

• A) I and II only
• B) II and IV only
• C) II, III and IV only
• D) I, II, III and IV

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Definitions:

Customs Duties

Customs duties are taxes imposed on the importation and sometimes the exportation of goods, designed to regulate international trade and raise government revenue.

Customs Tariff Act

Legislation that sets the tariffs and duties imposed on goods that are imported or exported.

Customs Act

Legislation that governs the importation and exportation of goods in and out of a country.

Wrong Rate

The incorrect or inappropriate pricing rate applied to a service, product, or financial transaction.