Which of the following would most likely be classified as a current liability?Bonds payableAccounts payableO Mortgage payableO Three-year notes payable

It can be defined as the liability that becomes due and is to be repaid with a span of 12 months or…

Answered: Which of the following would most…

Business

Accounting

Which of the following would most likely be classified as a current 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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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.

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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 payable

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