Match the following items with the appropriate designation (Current liability, Long-term liability, or Not a liability).
-Debt guarantees
A)Long-term liability
B)Not a liability
C)Current liability

Question

Quizplus · Accepted Answer

Debt guarantees are considered contingent liabilities and are not recorded as liabilities on the balance sheet until it becomes probable that the guarantee will be called upon and the amount can be reasonably estimated.

Match the Following Items with the Appropriate Designation (Current Liability