Which of the following items should not appear in the Long-Term Liability section of the balance sheet?
A)Accrued income taxes
B)Capital lease with a ten-year term
C)Bonds payable
D)Pension obligations

Question

Quizplus · Accepted Answer

Accrued income taxes are typically classified as a current liability, not a long-term liability. The other options (Bonds payable, Capital lease with a ten-year term, Pension obligations) are commonly classified as long-term liabilities.

Which of the Following Items Should Not Appear in the Long-Term