1.) Which one of the following is not true about long term debt?
A. Long term debt must have a maturity date
B. Long term debt is secured
C. Long term debt attracts Interest
D. The lenders have some control of the business

2.) Which one of the following statements is true about deferred tax liability?
A. It is a current liability
B. Deferred tax is as a result of expected future obligations
C. Deferred tax is a long-term obligation
D. Deferred tax is not a mandatory obligation

3. Differentiate between each of the following types of liabilities:
A. Deferred Tax and Current tax.
B. Debentures and Bonds.
C. Provisions and contingent liabilities.
D. Accruals and unearned revenues.