Which of the following items should not appear in the long-term liability section of the balance sheet?
A) Accrued income taxes
B) Deferred income taxes
C) Bonds payable
D) Pension obligations

Question

Quizplus · Accepted Answer

Accrued income taxes are classified as current liabilities because they are expected to be paid within the next year, not long-term liabilities. The remaining options, deferred income taxes, bonds payable, and pension obligations, are all appropriate long-term liabilities.

Which of the Following Items Should Not Appear in the Long-Term