ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is considered a liability?
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Savings Account
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Mortgage
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Savings bond
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Coin Collection
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Explanation:
Detailed explanation-1: -Mortgage liability is the maximum amount that a person arranging a mortgage would have to pay.
Detailed explanation-2: -A mortgage loan is classified as a non-current liability in the balance sheet.
Detailed explanation-3: -Liabilities can be classified into three categories: current, non-current and contingent.
Detailed explanation-4: -Current Liabilities. These can also be commonly known as short-term liabilities. Non-current Liabilities. Non-current liabilities can also be referred to as long-term liabilities. Contingent Liabilities.
There is 1 question to complete.