The first-year portion of a three-year note payable would be classified as a:
A) current liability.
B) long-term liability.
C) current asset.
D) long-term asset.

Name: The first-year portion of a three-year note payable would be classified as a: A) current liability. B) long-term liability. C) current asset. D) long-term asset.
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Question

Quizplus · Accepted Answer

The first-year portion of a three-year note payable is classified as a current liability because it is due within one year.

The First-Year Portion of a Three-Year Note Payable Would Be