I'm currently doing my homework, but I'm stuck on these answers. Will someone help me? **Question:**Liabilities that will be paid in a period over a year are known as long-term liabilities. A) False B) True **Explanation:**This question is asking whether it is true or false that liabilities, which are financial obligations, expected to be paid over a period longer than one year are classified as long-term liabilities. In financial terms, long-term liabilities are debts or obligations that are due in over one year. They differ from short-term liabilities, which are expected to be settled within one year. This classification is important for understanding a company's financial health and its ability to meet long-term financial commitments.

Liability is something which is borrowed and obliged to be repaid. Liabilities are recorded in the Balance Sheet of the company. Liability can be current liability or long term liability.Correct Option: TRUE Explanation: Liabilities that will be paid in a period over a year are known as long term liabilities and liabilities that will be paid within a year are current liabilities or short term liabilities.

Answered: Liabilities that will be paid in a…

Business

Accounting

Liabilities that will be paid in a period over a year are known as long-term liabilities, 4 A False B True

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I'm currently doing my homework, but I'm stuck on these answers. Will someone help me?

**Question:**

Liabilities that will be paid in a period over a year are known as long-term liabilities.

A) False
B) True

**Explanation:**

This question is asking whether it is true or false that liabilities, which are financial obligations, expected to be paid over a period longer than one year are classified as long-term liabilities.

In financial terms, long-term liabilities are debts or obligations that are due in over one year. They differ from short-term liabilities, which are expected to be settled within one year. This classification is important for understanding a company's financial health and its ability to meet long-term financial commitments.

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