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    Question

    What is the primary characteristic of a current

    liability?
    A It is due within two years Correct Answer Incorrect Answer
    B It is due within one year Correct Answer Incorrect Answer
    C It is due within three years. Correct Answer Incorrect Answer
    D It is due within five years. Correct Answer Incorrect Answer

    Solution

    Current liabilities refer to the debts and obligations that a company is expected to pay within one year or its operating cycle, whichever is longer.

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