Asked by Timothy Hauser on May 29, 2024
Verified
Which of the following is not normally a current liability?
A) salaries payable
B) accounts payable
C) income tax payable
D) bonds payable
Current Liability
A business's liabilities or amounts owed that must be settled with lenders within a twelve-month period.
Bonds Payable
Long-term liabilities represented by bonds that a company has issued, promising to repay the principal amount along with interest on specified dates.
- Analyze the contrast between current and non-current frameworks for assets and liabilities.
Verified Answer
BK
Billy KivaluJun 05, 2024
Final Answer :
D
Explanation :
Bonds payable are typically classified as a long-term liability because they are usually due in more than one year. Salaries payable, accounts payable, and income tax payable are all considered current liabilities, as they are obligations expected to be settled within one year.
Learning Objectives
- Analyze the contrast between current and non-current frameworks for assets and liabilities.
Related questions
Office Equipment Is Classified on the Statement of Financial Position ...
Which of the Following Would Not Normally Be Classified as ...
Under ASPE, a Contingent Liability Is Recorded in the Accounting ...
Long-Term Investments Can Include Land Held for Future Expansion
Which of the Following Statements Is True ...