Answered: Choose an example of non-current…

Choose an example of non-current liability. O a. Interest payable O b. Bonds payable Oc. Wages payable O d. Accrued expense

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 1Q: Why is Accounts Payable classified as a current liability?

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

Choose an example of non-current liability.
O a. Interest payable
O b. Bonds payable
Oc. Wages payable
O d. Accrued expense

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