In the statement of financial position, mortgage payable is reported as
A) a current liability only.
B) a non-current liability only.
C) both a current and a non-current liability.
D) a current liability except for the reduction in principal amount.

Question

Quizplus · Accepted Answer

Mortgage payable is reported as both a current and a non-current liability because the portion due within the next year is classified as a current liability, while the remaining balance is classified as a non-current liability.

In the Statement of Financial Position, Mortgage Payable Is Reported