A two-year note payable would be classified as a:
A) current liability.
B) current asset.
C) long-term liability.
D) long-term asset.

Name: A two-year note payable would be classified as a: A) current liability. B) current asset. C) long-term liability. D) long-term asset.
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Question

Quizplus · Accepted Answer

A two-year note payable indicates that it will not be due within the next 12 months, therefore it is classified as a long-term liability.

A Two-Year Note Payable Would Be Classified as A