Each of the following accounts is reported as long-term liabilities except
A) Interest Payable.
B) Bonds Payable.
C) Discount on Bonds Payable.
D) Premium on Bonds Payable.

Question

Quizplus · Accepted Answer

The other options (B, C, and D) are all specific types of long-term liabilities related to bonds. Interest Payable, on the other hand, is typically reported as a current liability because it represents the portion of interest that has accrued but not yet been paid on outstanding debt. Interest Payable is typically reported as a current liability because it represents interest owed on outstanding debts that must be paid within the next year. Bonds Payable, Discount on Bonds Payable, and Premium on Bonds Payable are all long-term liabilities related to a company's issuance of bonds.

Each of the Following Accounts Is Reported as Long-Term Liabilities