Asked by
Braylon Landry
on Nov 13, 2024
Verified
The current portion of long-term debt should
A) be classified as a long-term liability
B) not be separated from the long-term portion of debt
C) be paid immediately
D) be reclassified as a current liability
Long-Term Liability
A financial obligation due after more than one year.
Current Liability
Short-term financial obligations that are due within one year or within a company's operational cycle, whichever is longer.
Long-Term Debt
Borrowings and financial obligations of a business or organization that are due for repayment more than one year in the future.
- Acquire knowledge on the classification and handling of current liabilities in the realm of financial accounting.
Verified Answer
BT
Learning Objectives
- Acquire knowledge on the classification and handling of current liabilities in the realm of financial accounting.