Debts that need not be repaid for at least one year are referred to as _____.
A) expenses
B) current assets
C) long-term liabilities
D) fixed assets
E) current liabilities

Question

Quizplus · Accepted Answer

Long-term liabilities are debts that are not due for payment within one year. Current assets are expected to be used up or converted into cash within one year. Fixed assets are long-term items such as property, plant, and equipment. Expenses are costs incurred in the normal operations of a business. Current liabilities are debts that are due for payment within one year.

Debts That Need Not Be Repaid for at Least One