The current portion of long-term debt:
A) Refers to the part of long-term debt that is due within one year.
B) Is shown separately from the long term portion on the balance sheet.
C) Must be disclosed.
D) Will be a known amount.
E) All of these answers are correct.

Question

Quizplus · Accepted Answer

All of the options listed are correct. The current portion of long-term debt refers to the portion that is due within one year and must be disclosed separately from the long-term portion on the balance sheet. The amount of the current portion is a known amount since it is due within a specific time frame.

The Current Portion of Long-Term Debt