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
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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
Step by step
Solved in 2 steps
- 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 liabilitiesLiabilities that will be due within one year or less and that are to be paid out of current assets are called current liabilities. True FalseA 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
- Give a numerical example of: Current liabilities. Long-term liabilitiesThe 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.Which of the following would most likely be classified as a current liability? Bonds payable Accounts payable O Mortgage payable O Three-year notes payable
- Which of the following would be considered a long-term liability? a. interest payable b. mortgages payable c. accounts payable d. salaries payableWhat are the criteria for classifying an item as a current liability? What are some examples of current liabilities? Why is it important to classify a portion of long-term debt on a yearly basis as a current liability? What is the implication of misclassifying a liability as current or long-term?As a general rule, how should long-term liabilities be reported on the debtor’s balance sheet?
- Which of the following is most likely to be regarded as an estimated liability that is subject to provision? a. Deferred revenues b. Current portion of a long-term debt c. Payroll liabilities d. Vacation pay liability________ are long-term debt instrument that promise a fixed income in the form of interest.Perpetual debt instrumentsa. Are compound financial instrumentsb. Are derivative financial instrumentsc. Provide the holder the contractual right to receive payments of interest at fixed dates extending into the indefinite future either with a right or no right to a return of principal.d. All of these describe perpetual debt instruments