A Short-Term Payable May Be the Current Portion of a Long-Term

question 52

True/False

A short-term payable may be the current portion of a long-term liability, which arises when the next payment on such a debt will be made out of current assets.

---

Definitions:

Gambler's Fallacy

The erroneous belief that if a particular outcome occurs more frequently in a specific period, it will occur less frequently in the future, or vice versa.

Law Of Small Numbers

The cognitive bias whereby people draw broad conclusions from a small set of observations.

Representativeness Heuristic

A mental shortcut that involves making judgments about the probability of an event under uncertainty, based on how similar it is to our stereotypes of similar occurrences.

Overregularization

This refers to a common phenomenon in language learning where individuals apply regular grammatical rules to words that are exceptions, often observed in children mastering a language.