Which one of the following accounts would not necessarily be classified as a current liability?
A)Accounts payable
B)Accrued liabilities
C)Contingent liabilities
D)Current portion of long-term debt

Question

Quizplus · Accepted Answer

Current liabilities are defined as short-term obligations that will be paid or fulfilled within the company's current operating cycle or within one year of the balance sheet date,whichever is longer.A contingent liability may be short-term (current)or long-term depending on when it must be paid.

Which One of the Following Accounts Would Not Necessarily Be