Which of the following would be considered a long-term liability?
A)Charge account payment
B)Mortgage
C)Six month personal loan
D)Amount due for taxes
E)Amount due on a credit card

Question

Quizplus · Accepted Answer

A mortgage is a long-term debt that is typically paid back over a period of 15 to 30 years. The other options listed are short-term liabilities, with the exception of taxes which could be either short or long-term depending on the situation.

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