Which of the Following Would Be Considered a Long-Term Liability

question 45

Multiple Choice

Which of the following would be considered a long-term liability?

• A)A charge accountpayment
• B)A mortgage
• C)An installment loan
• D)An amount due for taxes
• E)The amount due on a credit card

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another party if the latter has reasonably relied on that promise to their detriment.

Software Power

The capability and effectiveness of software in performing its intended functions and tasks efficiently.

Reduction in Force

A corporate strategy involving the reduction of a company's workforce to improve financial performance or adapt to changing market conditions.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise that another party has reasonably and substantially relied on, even if no formal contract exists.