1. What are the criteria for classifying an item as a currentliability? What are some examples of current liabilities? Why is itimportant to classify a portion of long-term debt on a yearly basisas a current liability? What is the implication of misclassifying aliability as current or long-term? How can misclassification ofcurrent liabilities be used to cover fraud within anorganization.2. What is a bond? What are some features of a bond? How do youvalue bonds? What factors can affect that value?
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