Please don't provide handwriting solution Any portion of a long-term liability that is due with the next year is reported as a current liability.O TrueO FalseLU

A long-term liability refers to any financial obligation or debt that a company is obligated to pay…

Answered: Any portion of a long-term liability…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 1MC: Which of the following is not considered a current liability? A. Accounts Payable B. Unearned...

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5. Which of the following is a characteristic of a current liability? OA current liability must be of a known amount. OA current liability is due within one year or one operating cycle, whichever is longer. A current liability must be of an estimated amount. Current liabilities are subtracted from long-term liabilities on the balance sheet.
The 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 liability
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
Which of the following items is most likely a short-term liability?a. Deferred income taxesb. Finance lease covering 30-year termc. Bonds payabled. Accounts payable
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
Which of the following items is most likely a short-term liability? Select one: a. Finance lease covering 30-year term b. Deferred income taxes c. Bonds payable d. Accounts payable
Which of the following would most likely be classified as a current liability? a.mortgage payable b.bond payable c.two-year note payable d.unearned rent
TRUE OR FALSE? Short-term obligation refinanced on a long-term basis at the end of the reporting period is a current liability.
Determine the correct classification of the following liabilities:(1) Liability with a due date which can be accelerated to within one year of the statement of financial position date; a reasonable probability exists that the due date will be accelerated.(2) Liability due on demand by creditor, probability of the creditor calling the in the liability within one year of the statement of financial position date is remote.(3) Liability due on demand by creditor, probability of the creditor calling the in the liability within one year of the statement of financial position date is reasonable but not likely.(4) Current portion of long-term debt. All are long term liabilities. All are current liabilities. Only number 1 is noncurrent. Only numbers 1 and 3 are noncurrent.
Determine the correct classification of the following liabilities:(1) Liability with a due date which can be accelerated to within one year of the statement of financial position date; a reasonable probability exists that the due date will be accelerated.(2) Liability due on demand by creditor, probability of the creditor calling the in the liability within one year of the statement of financial position date is remote.(3) Liability due on demand by creditor, probability of the creditor calling the in the liability within one year of the statement of financial position date is reasonable but not likely.(4) Current portion of long-term debt. Group of answer choices Only number 1 is noncurrent. Only numbers 1 and 3 are noncurrent. All are current liabilities. All are long term liabilities.
Where is debt callable by the creditor reported on the debtor's financial statements? a) Long term liability b) Current liability if the creditor intends to call the debt within the year , otherwise a long term liability. c) Current liability if it is probable that creditor will call the debt within the year, otherwise a long term liability. d) current liability
Which 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.

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Any portion of a long-term liability that is due with the next year is reported as a current liability. True O False