The portion of a long-term debt that will mature within the next year (from the current statement of financial position date)or operating cycle,whichever is longer,should be reported on the statement of financial position as a current liability.

Question

Quizplus · Accepted Answer

This is stated as per the generally accepted accounting principles (GAAP) and is true for most companies.

The Portion of a Long-Term Debt That Will Mature Within