A 30-Year Mortgage Loan Is A

question 65

Multiple Choice

A 30-year mortgage loan is a:

• A)long-term liability.
• B)current liability.
• C)current asset.
• D)long-term asset.

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Definitions:

Accounting Period

A specific time period for which financial records and statements are prepared for a business or organization.

One Quarter

A term referring to one-fourth of a year, used in financial and business contexts to divide the fiscal or calendar year into four periods for reporting purposes.

One Year

A period consisting of 12 consecutive months.

Unearned Revenue

An accounting term referring to money received for a product or service yet to be delivered or performed.