A long-term liability is one that the company:
A)has owed for over one year.
B)has owed for over five years.
C)will not pay off for over one year.
D)will not pay off for over five years.

Question

Quizplus · Accepted Answer

A long-term liability is a debt or obligation that a company will not pay off within the next year. This includes loans, bonds, and leases with a term longer than one year.

A Long-Term Liability Is One That the Company