Which of the following accounts does NOT belong in the liability section of a balance sheet?
A) short-term debt B) additional paid-in capital
C) long-term debt D) accruals
B
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A promissory note and deed of trust are given to a seller to finance the purchase of vacant land. The buyer will place a construction loan on the land. The deed of trust will most likely contain:
a. an alienation clause. b. a subordination clause. c. an acceleration clause. d. a due-on-sale clause.
How are profits and losses shared in the absence of a limited partnership agreement?
A) Profits and losses are shared equally among all partners. B) Profits and losses are shared equally among general partners and unequally among limited partners. C) Profits are shared equally among all partners, losses are shared based on the value of each partner's capital contribution. D) Both profits and losses are shared on the basis of the value of each partner's capital contribution.