The current portion of a long-term liability is reported on the balance sheet as a
A) deferred interest expense.
B) current asset.
C) current liability.
D) non-current liability.

Question

Quizplus · Accepted Answer

The current portion of a long-term liability is the amount that is due within one year of the balance sheet date. It is classified as a current liability because it represents a short-term financial obligation.

The Current Portion of a Long-Term Liability Is Reported on the Balance