Which statement is not correct?
A)A bank loan due in 5 years is a non-financial liability.
B)Bonds payable are financial liabilities.
C)Sales taxes payable are non-financial liabilities.
D)A bank loan due in 90 days is a financial liability.

Question

Quizplus · Accepted Answer

Bank loans, regardless of their duration, are considered financial liabilities because they represent a contractual obligation to pay cash or another financial asset to another entity.

Which Statement Is Not Correct