Do not use chatgpt. The debts which are to be repaid within a short period (a year or less) are referred to as,A) Current LiabilitiesB) Fixed liabilitiesC) Contingent liabilitiesD) All the above

Option A) Current LiabilitiesCorrect. Current liabilities are debts or obligations that a business…

Answered: The debts which are to be repaid within…

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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Similar questions

Debts that are due to be paid within one year or within the company's operating cycle are called: a.deferred liabilities. b.liquid liabilities. c.long-term liabilities. d.current liabilities. e.quick liabilities.
What are liabilities that will be due within a short time (usually one year or less) and that are to be paid out of current assets called? Group of answer choices equity liabilities current liabilities fixed liabilities contra liabilities
All payables that require payments at a future determinable date are subject to present value techniques except which of the following specifically excluded types? Security deposits or progress payments under construction contracts Short-term debt refinanced in the current year on a long-term basis Regular accounts payable due after one year Bond interest and principal payments due after one year
Which of the following will be classified as a current liability? O a. Two-year noțes payable O b. Unearned rent Oc. Bonds payable Od. Mortgage loan
Liabilities that will be due within one year or less and that are to be paid out of current assets are called current liabilities. True False
Balance sheet values are calculated using compound interest (present value) calculations for all of the following except a.bonds payable. b.long-term notes receivable. c.long-term lease liabilities. d.deferred income taxes.
In the amortization of loans, interest must be paid at the beginning of each period calculated on the balance of the principal amount due (unpaid balance). TRUE OR FALSE?
I want an explanation.
Current liabilities are obligations where liquidation is reasonably expected to require the use of existing current assets or the creation of other current liabilities within: A. one year. B. one year or one operating cycle, whichever is longer. C. one year or one operating cycle, whichever is shorter. D. an operating cylce.
A contingent liability is an obligation that depends on the occurrence of a future event and that should be recorded in the accounts: Group of answer choices If the amount is reasonably estimated If the related future event will probably occur The related future event will probably occur and the amount is reasonably estimated. If the amount is due in cash within one year
Gains or losses from the early extinguishment of debt that is refunded can theoretically be accounted for in three ways: 1. Amortized over the life of old debt 2. Amortized over the life of the new debt issue 3. Recognized in the period of extinguishment Required: A. Discuss the supporting arguments for each of the three theoretical methods of accounting for gains and losses from the early extinguishment of debt. B. Which of the three methods would provide a blance sheet measure that reflects the present value of the future cash flows discounted at the interest rate that is comensurate with the risk associated with the new debt issue? why? C. Which of the three methods is generally accepted and how should the appropriate amount of gain or loss be shown in a company's financial statements?
The current portion of long-term debt should Select one: a. be reclassified as a current liability. b. be classified as a long-term liability. C. not be separated from the long-term portion of debt. d. be paid immediately.

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The debts which are to be repaid within a short period (a year or less) are referred to as, A) Current Liabilities B) Fixed liabilities C) Contingent liabilities D) All the above