Liabilities - General
3 important questions on Liabilities - General
What are two major distinctions between liabilities and equity?
Liabilities have a maturity date. Liabilities/creditors do not affect the control of the company.
What is a term for short-term credit for purchase of items from vendors?
Trade accounts payable
Can a loan be both current and long-term?
Yes; the installments due within the year are the current portion, while the rest is long-term.
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