Identify the Classifications of the Following Accounts as Either Current

question 169

Multiple Choice

Identify the classifications of the following accounts as either current or long-term liabilities for the December 31, 2014 balance sheet.
-An amount of money owed to a creditor on a note due August 15, 2022.

• A)Current liability
• B)Long-term liability

---

Definitions:

Freud

An Austrian neurologist named Sigmund Freud created psychoanalysis, a therapy approach for mental illnesses that involves discussions between a patient and a psychoanalyst.

Unconscious Mind

A part of the mind that is inaccessible to the conscious mind but that affects behavior and emotions.

Conscious Mind

The aspect of the mind that involves awareness of the self, the environment, and one's thoughts and experiences.

Latency Stage

A phase in Freud's psychosexual development theory occurring in childhood, where sexual urges are repressed, allowing for focus on social and intellectual growth.