LONG-TERM LIABILITIES are liabilities of a business that are due in more than one year. An example of a long-term liability would be a mortgage payable.
BED and BREAKFAST was an overnight UK tax related maneuver intended to establish a tax loss benefit. Now no longer allowed.
STATUTORY ACCOUNT is an involuntary account, which is created by law rather than by business need. An example of a statutory account would be taxes.
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