The purpose of reporting Current Maturities of Long-Term debt is to:
A)report any portion of a long-term borrowing that is to be paid in the upcoming accounting period as a current liability.
B)reclassify a portion of debt from the noncurrent section of the balance sheet to the current section of the balance sheet.
C)properly classify liabilities.
D)All of these answers are correct.

Question

Quizplus · Accepted Answer

The purpose of reporting Current Maturities of Long-Term debt includes all the options: reporting the portion of long-term debt due within the next year as a current liability, reclassifying it from noncurrent to current on the balance sheet, and ensuring proper classification of liabilities.

The Purpose of Reporting Current Maturities of Long-Term Debt Is