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Business English Exercises
 

Current Liabilities

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Home > Teaching Business English > Business English Lessons, Advanced Level # 134
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In the normal course of trading with external vendors on credit terms, the University incurs current liabilities (i.e. accounts payable within 12 months).

Correct answer: (a) course

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These accounts payable are subsequently extinguished by regular creditors payment runs.

Correct answer: (d) extinguished

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501 Business English Exercises — Printable, photocopiable.
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Amounts owed to creditors which have not been paid or recorded at 31 December are accrued, and a liability is recorded in the general ledger; these are reversed in the following year.

Correct answer: (a) accrued

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Procedures established in respect of incurring a liability through the procurement of goods and services are specified in Section 5, 'Expenditure', of the manual.

Correct answer: (d) respect

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The University is bound by legislation and industrial awards to provide its employees with various entitlements accumulated as a result of the rendering of their services to the University.

Correct answer: (c) rendering

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Liabilities arising from the accumulation of employee entitlements are recognised in the financial statements.

Correct answer: (b) arising

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Staff who commenced employment with the University prior to 1 April 1961 are entitled to receive a gratuity on retirement at age 55 years or later, or on death.

Correct answer: (c) age 55 years

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In accordance with The University Act of 1998, the Senate, in the name of and on behalf of the University, may borrow funds by way of loan or overdraft from any bank or other financial institution.

Correct answer: (b) name

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Borrowings will only be undertaken in exceptional circumstances where operating or research funds are not sufficient to satisfy existing funding requirements.

Correct answer: (b) satisfy

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A current liability arises where students pay a refundable deposit on locker keys, laboratory equipment, slide boxes, accommodation, etc. to a School.

Correct answer: (a) deposit

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Business English Practice Exercises Business English Tests — several topics are covered: office matters, job applications, computer English, money expressions, business law, operations management, retail marketing, e-commerce, accounting terms, contracts and agreements, commercial correspondence, etc.
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