A note payable can be classified either as a long-term liability or a short-term liability,depending on the discretion of the accountant.

Name: A note payable can be classified either as a long-term liability or a short-term liability,depending on the discretion of the accountant.
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A note payable is classified as a long-term liability if it is due in more than one year, or as a short-term liability if it is due within one year, based on the terms of the note and not the discretion of the accountant.

A Note Payable Can Be Classified Either as a Long-Term