The Current Portion of Long-Term Debt Should

question 51

Multiple Choice

The current portion of long-term debt should

• A) be paid immediately.
• B) be reclassified as a current liability.
• C) be classified as a long-term liability.
• D) not be separated from the long-term portion of debt.

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Definitions:

Fringe Benefits

Additional benefits supplementing an employee's salary, such as health insurance, pensions, and paid vacations.

Wagner Act

Also known as the National Labor Relations Act of 1935, it is a foundational statute of US labor law which guarantees basic rights of private sector employees to organize into trade unions, engage in collective bargaining, and take collective action such as strikes.

Taft-Hartley Act

A 1947 federal law that restricted the activities and power of labor unions in the United States.

Landrum-Griffin Act

A 1959 U.S. federal law formally known as the Labor-Management Reporting and Disclosure Act, which aims to protect union members' rights and promote democracy within labor organizations.