Liabilities are classified as current or long-term based on their
A)description.
B)payment terms.
C)due date.
D)amount.

Name: Liabilities are classified as current or long-term based on their A)description. B)payment terms. C)due date. D)amount.
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Question

Quizplus · Accepted Answer

Liabilities are classified as current or long-term based on their due date, with current liabilities being those due within one year and long-term liabilities being those due after one year.

Liabilities Are Classified as Current or Long-Term Based on Their