COST ACCOUNTING
FINANCIAL TERMINOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What term is used to describe the debt that can be paid off over a long period of time?
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Current Liabilities
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Long-Term Liabilities
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Current Assets
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Fixed Assets
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Debtors
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Explanation:
Detailed explanation-1: -Long-term liabilities, also called long-term debts, are debts a company owes third-party creditors that are payable beyond 12 months. This distinguishes them from current liabilities, which a company must pay within 12 months. On the balance sheet, long-term liabilities appear along with current liabilities.
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