Match the Following Items with the Appropriate Designation (Current Liability

question 89

Multiple Choice

Match the following items with the appropriate designation (Current liability, Long-term liability, or Not a liability) .
-Payment of a 30-year term loan due this year

• A)Long-term liability
• B)Not a liability
• C)Current liability

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Definitions:

Implementation Guide

A document providing detailed instructions for the application or execution of a plan, policy, or new system.

GAAP

Generally Accepted Accounting Principles are a set of rules and standards for financial accounting that companies in the U.S. must adhere to.

Managerial

Pertaining to the activities, responsibilities, and skills of managers in an organization, focusing on effective planning, organizing, leading, and controlling.

Financial Accounting

The field of accounting focused on the summary, analysis, and reporting of financial transactions pertaining to a business.