These are Long-Term or Non-Current Assets Select one: a. Breeding Livestock b. All answers are correct. c. Trucks and equipment d. Useful Life of more than one year. @e. Land, building and improvements Which of the following is an example of a current liability, Select one: a. Anything that will be sold in the next 12 months. b. Principal payment on real estate loan due in the next 12 months. c. The current owners equity ohothers involved in your business. d Debt with a useful life of less than a year. A Liability is defined as: Select one: a. What the business is worth in terms of dollars. b. Any amount, in dollars, owned by others. c. Any item owned or controlled by the business that has value or any item owed to the business. d. A debt or obligation expressed in terms of money. Net Worth is defined as: Select one: a. What the business is worth in terms of dollars. b. All of these answers are correct. C. Net Worth = Assets - Liabilities Lhabilities d. The value of the Owners Equity. The three types of Net Worth T-accounts are: Select one: a. Equity, Expenses and Liabilities b. Equity, Income and Assets C. Equity, Assets and Liabilities d. Equity, Income and Expenses Assets are defined as: Select one: a. Any item owed or controlled by the business that has value or any item not owed to the business, b. Any Item owned or controlled by the business that has value or any item owed to the business. c. What the business is worth in terms of dollars. d. A debt or obligation expressed in terms of money. Any amount owed to someone or some entity. Most farms and ranches have accounting internals on an annual basis (as opposed to a month or quarterly). Why? a. Generally Accepted Accounting Practices recommend that all businesses maintain financial records at annual intervals. b. It's easier to maintain these records for a year. c. It is standard across all industries to maintain records on a yearly basis. d. The accounting records follow the biological production cycle