Which of the following would be considered a long-term liability?
A)A charge accountpayment
B)A mortgage
C)An installment loan
D)An amount due for taxes
E)The amount due on a credit card

Question

Quizplus · Accepted Answer

A mortgage is a long-term liability as it typically involves payments over a period of 15-30 years. Installment loans and charge account payments may have longer terms, but they are not necessarily always long-term liabilities. Amounts due for taxes and credit card balances are typically shorter-term liabilities.

Which of the Following Would Be Considered a Long-Term Liability