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WAEC Agricultural Science 2012 Question 56

Question 56

Farm Management and Records

An example of long-term liability of a farmer is

  1. A.capital.
  2. B.interest.
  3. C.salary.
  4. D.taxes.
Show the answer and explanation

Answer: A (capital.)

Explanation

Salaries, interest and taxes are paid within the year; capital stays in the business for the long term.