Asked by
Bernadette Sylvince
on Nov 14, 2024
Verified
Which of the following would not be classified a long-term liability?
A) Current maturities of long-term debt
B) Bonds payable
C) Mortgage payable
D) Lease liabilities
Current Maturities
Refers to the portion of long-term debt that is due to be paid within the next twelve months.
Long-term Debt
Financial obligations that are due for repayment beyond the current year or operating cycle.
Lease Liabilities
Financial obligations recorded on the balance sheet representing the present value of future lease payments.
- Acquire knowledge about the distinction of assets and liabilities within the financial balance sheet.
Verified Answer
CM
Learning Objectives
- Acquire knowledge about the distinction of assets and liabilities within the financial balance sheet.
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