Examlex
Which of the following is not correct?
Long-Term Liability
A financial obligation due after more than one year.
Current Liability
Short-term financial obligations that are due within one year or within a company's operational cycle, whichever is longer.
Long-Term Debt
Borrowings and financial obligations of a business or organization that are due for repayment more than one year in the future.
Discounted Note
A financial instrument, such as a promissory note, that is sold or bought at less than its face value. The discount represents the interest or fees earned by the buyer of the note.
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