Which of These Is Not Normally Regarded as a Current

question 37

Multiple Choice

Which of these is not normally regarded as a current liability?

• A) Accounts payable
• B) GST collected
• C) Mortgage
• D) Bank overdraft

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Definitions:

Agency Relationship

A legal relationship in which one party (the agent) is authorized to act on behalf of another (the principal) in business transactions.

Genetically Modified Seed

A seed that has been altered using genetic engineering techniques to possess certain traits such as pest resistance or increased nutrient value.

Purchasing Agent

An individual or company responsible for buying goods and services for another entity.

Written Authority

is an officially documented permission granted to an individual or entity to act on behalf of another.