Match the following items with the appropriate designation (Current liability, Long-term liability, or Not a liability).
-Payment of a 30-year term loan due this year
A)Long-term liability
B)Not a liability
C)Current liability

Question

Quizplus · Accepted Answer

The portion of the 30-year term loan due this year is considered a current liability because it is an obligation that needs to be paid within the current fiscal year.

Match the Following Items with the Appropriate Designation (Current Liability