Which of the following would be classified as a current liability? a) Long-term loan b) Notes Payable (due in 6 months) c) Buildings d) Retained Earnings
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- Which of the following would most likely be classified as a current liability? Bonds payable Accounts payable O Mortgage payable O Three-year notes payableWhich of the following is most likely to be classified and reported as current liability? a. Bond Payable b. Unearned Rent c. Mortgage Payable d. Two-year Note Payable e. None of the above.Which of the following would be considered a long-term liability? a. interest payable b. mortgages payable c. accounts payable d. salaries payable
- 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 liabilityThe estimated warranty obligation at the end of the financial year is best described as a A. Uncertain liability OB. Contingent liability O C. Liability O D. Constructive liability OE. Unrecognized liabilityWhich of the following is not considered a current liability? A. Accounts Payable B. Unearned Revenue C. the component of a twenty-year note payable due in year 20 D. current portion of a noncurrent note payable
- The current portion of long-term debt should a.be reclassified as a current liability b.be paid immediately c.not be separated from the long-term portion of debt d.be classified as a long-term liabilityWhat 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?Which item below is not a current liability? Select one: O O a. Unearned revenue b. Trade accounts payable c. cash dividends d. The currently maturing portion of long-term debt
- NoneWhich of the following is a non-current liability? a) Accounts Payable b) Wages Payable c) Mortgage Payable d) Unearned RevenueThe 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.