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The distinction between current and noncurrent assets and liabilities is based primarily upon which of the following? (a) One year, no exceptions. (b) Operating cycle,

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The distinction between current and noncurrent assets and liabilities is based primarily upon which of the following? (a) One year, no exceptions. (b) Operating cycle, no exceptions. (c) One year or one operating cycle, whichever is longer. (d) One year or one operating cycle, whichever is shorter. 14

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