Which Is a Non-Current Liability

question 35

Multiple Choice

Which is a non-current liability?

• A)HST payable.
• B)45 day accounts payable.
• C)Five year loan that matures four months after year end reporting date.
• D)The creditor has granted a 15-month grace period on a loan in default.

---

Definitions:

Court Case

A legal dispute brought before a court of law where a verdict is made after consideration of the evidence.

Financial Statements

Financial statements are formal records of the financial activities and position of a business, person, or other entity, providing a detailed insight into its financial performance over a certain period.

Deferred Asset

An expenditure that has been made and recorded but will not be recognized as an expense until future accounting periods.

Damages Award

Compensation determined by a court or agreement for losses or harm suffered by a party due to another's actions or failures.