Debts that are due in one year or less are classified as:
A)current liabilities.
B)callable debts.
C)debit items.
D)immediate expenses.

Question

Quizplus · Accepted Answer

Current liabilities are debts that are due within one year or less. Callable debts refer to debts that can be redeemed or called in by the issuer before their maturity date. Debit items are entries that are recorded on the left-hand side of an account and represent an increase in liabilities or a decrease in assets. Immediate expenses are not a commonly used accounting term.

Debts That Are Due in One Year or Less Are