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

---

Definitions:

Oral Agreement

A contract that has been agreed upon by verbal communication between parties, rather than in writing, though its legal enforceability can vary by jurisdiction and the nature of the agreement.

Revised Uniform Partnership Act

Legislation aimed at governing the operation of partnerships within the jurisdiction it is adopted, updating and replacing the original Uniform Partnership Act.

Uniform Partnership Act

A set of laws adopted by some states to regulate the operations of partnerships and ensure uniformity in their treatment.

RUPA

The Revised Uniform Partnership Act, which is a set of model statutes designed to guide the formation, operation, and dissolution of partnerships in the United States.