All liabilities that are not classified as current liabilities are classified as long-term.

Name: All liabilities that are not classified as current liabilities are classified as long-term.
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Question

Quizplus · Accepted Answer

This statement is true. Current liabilities are those that are expected to be paid or settled within one year, while long-term liabilities are those that will be paid or settled after one year. Therefore, any liability that is not classified as a current liability must be a long-term liability.

All Liabilities That Are Not Classified as Current Liabilities Are