A debt or obligation that will be eliminated by giving up current assets or incurring a current liability is a
A) prepaid asset.
B) current asset.
C) current liability.
D) long-term asset.
E) long-term liability.

Question

Quizplus · Accepted Answer

A current liability is a debt or obligation that is due within one year and will typically require the use of current assets or the creation of another current liability to be settled.

A Debt or Obligation That Will Be Eliminated by Giving