The correct answer is: A. Fixed liabilities
Fixed liabilities are liabilities that are payable after a long period. They are usually long-term debts, such as mortgages and bonds. Fixed liabilities are not due for payment within the next year, and they are not expected to be paid off in the near future.
B. Miscellaneous expenditure is not a type of liability. It is a type of expense. Miscellaneous expenses are small, non-recurring expenses that are not directly related to the company’s core business.
C. Current liabilities are liabilities that are due for payment within the next year. They include accounts payable, short-term notes payable, and accrued expenses. Current liabilities are typically paid out of the company’s cash flow from operations.
D. Contingent liabilities are liabilities that may or may not occur in the future. They are based on uncertain events that may or may not happen. Contingent liabilities are not recorded on the balance sheet, but they are disclosed in the notes to the financial statements.