For each financial statement item listed below, identify the best description by selecting from items a through f below.You may use each letter more than once or not at all.Write the letter 'X' for each item for which no description is listed.
-Current liability
A) Amount of net income or loss less distributions to the owners of the company
B) Must be settled within one year
C) Converted to cash within one year
D) Amount of owners' investment
E) Portion of equity to which dividends reduce
F) Land used as a site for production

Question

Quizplus · Accepted Answer

Current liabilities are obligations that a company needs to settle within one year, which matches description B.

For Each Financial Statement Item Listed Below, Identify the Best