A Note Payable Can Either Be Classified as a Long-Term

question 26

True/False

A note payable can either be classified as a long-term liability or a short-term liability,depending on the discretion of the accountant.

---

Definitions:

Social Issues

Pertains to problems that influence a considerable number of individuals within a society, often recognized as needing communal efforts for resolution.

Landrum-Griffin Act

A United States federal law aimed at regulating labor unions’ internal affairs and their officials’ relationships with employers.

Annual Financial Statements

Comprehensive reports detailing a company's financial performance, status, and cash flows over a fiscal year.

Department of Labor

A branch of the U.S. government responsible for occupational safety, wage standards, unemployment insurance benefits, reemployment services, and some economic statistics.