Mortgages and Pension Liabilities Are Examples of Non-Current Liabilities

question 70

True/False

Mortgages and pension liabilities are examples of non-current liabilities.

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Definitions:

Consumer Debts

Debts incurred by an individual primarily for personal, family, or household purposes, not for business or investment.

Codicil

is a supplement or addition to a will, either to modify, explain, or sometimes revoke provisions in an existing will.

Advance Directive

A written document such as a living will or durable power of attorney that directs others how future health care decisions should be made in the event that the individual becomes incapacitated.

Holographic Wills

Wills that are handwritten, dated, and signed by the person making the will, without the necessity of witnesses, recognized in some jurisdictions.