Foundations of Business Finance (Peregrine) | 85 Questions with 100% Correct Answers | Updated & Verified

True or false: The one fixed asset that is not depreciated is land because it seldom declines in value. - True __________ liabilities are those due within one year. - Current __________-__________ __________ liabilities are due after more than a year, and may include bonds, mortgages, and long-term loans. - Long-term debt Name the three types of accounts listed as current liabilities on balance sheets. - (1) Accounts Payable (2) Notes Payable (3) Accrued Expenses Accounts payable - The amounts owed for credit purchases by a firm Notes payable - Outstanding short-term loans, typically from commercial banks Accrued expenses - Costs that have been incurred by a firm which have not yet been paid; examples of accruals include taxes owed to the government and unpaid wages