A commitment, such as a contract to pay a football player $50,000,000 a year for five years, should be listed as a noncurrent liability.

Name: A commitment, such as a contract to pay a football player $50,000,000 a year for five years, should be listed as a noncurrent liability.
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A commitment to pay a football player is not a liability until the services are rendered. It is a future obligation, not a present one, and thus not recorded as a liability on the balance sheet.

A Commitment, Such as a Contract to Pay a Football