Long-term debt generally includes
A)obligations that will be satisfied within one year.
B)accounts payable, because they are interest-bearing.
C)obligations that extend beyond one year.
D)accrued expenses.

Question

Quizplus · Accepted Answer

Long-term debt refers to obligations that extend beyond one year. Option A is incorrect as it refers to short-term debt. Option B is incorrect as accounts payable are not considered long-term debt. Option D is incorrect as accrued expenses are a type of current liabilities and not considered as long-term debt.

Long-Term Debt Generally Includes