Examlex
Which one of the following of the following statements is FALSE?
Mortgage Notes Payable
A long-term note secured by a mortgage that pledges title to specific assets as security for a loan.
Current Liability
Financial obligations a company is required to settle within one year or within the normal operating cycle.
Long-term Liability
Long-term Liability is any financial obligation of a business that is due for a period exceeding one year, such as bonds payable, long-term loans, and lease obligations.
Premium on Bonds Payable
The amount by which the sale price of a bond exceeds its face value, representing additional cost to the issuer over the bond's life.
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