Notes Payable Due Within Two Years Are Classified as ________

question 195

Multiple Choice

Notes Payable due within two years are classified as ________.

• A) current liabilities
• B) current assets
• C) long-term liabilities
• D) long-term assets

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Definitions:

Limited Liability

A legal structure that protects individual investors or owners from being personally responsible for the debts and liabilities of a company beyond the amount they have invested.

Joint And Several

A legal term referring to the shared and individual responsibility of two or more parties to fulfill the entirety of an obligation or debt.

Partnership Law

Legal regulations governing the formation, operation, and dissolution of a partnership, which is a business entity owned by two or more people.

Liability

The state of being legally responsible for something, such as a debt or obligation.