Liabilities That Will Be Paid Over a Period of More

question 4

Multiple Choice

Liabilities that will be paid over a period of more than one year are ________.

• A) Long-term liabilities
• B) Long-term assets
• C) Equity
• D) Current liabilities
• E) None of the above

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Definitions:

Beginning Inventory

The value of goods available for sale at the start of an accounting period.

Cost of Purchases

The total price paid for goods acquired for resale, including transportation and handling expenses.

Periodic Inventory System

An accounting method where inventory is physically counted and valued at the end of a specific period.

Physical Count

An inventory auditing process where the actual quantity of goods on hand is counted and compared with accounting records.