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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Week 2 Concept Quiz

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Q Question 1 5 / 5 pts What is the difference between current liabilities and long-term debt? Question 2 5 / 5 pts Why might the book value and market value of a firm differ? Question 3 8 / 10 pts Of the following financial activities, identify (Check the appropriate block) whether there will be an increase or decrease in the firm's cash. Provide your rationale for your selection. Event Cash Increase Cash Decrease Why? Fixed Assets balance has decreased. Decrease in Accounts Payable. Decrease in Accounts Receivable.

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1.Long-term liabilities, also called long-term debts, are debts a company owes third-party creditors that are payable beyond 12 months. This distinguishes them from current liabilities, which a company must pay within 12 months. On the balance sheet, long-term liabilities appear along with current liabilities. Together, these represent everything a company owes. Payment of these debts is mandatory.