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Which of the following would be classified as a current liability?

Practice Questions

Q1
Which of the following would be classified as a current liability?
  1. Bonds Payable
  2. Accounts Payable
  3. Mortgage Payable
  4. Long-term Loans

Questions & Step-by-Step Solutions

Which of the following would be classified as a current liability?
  • Step 1: Understand what a current liability is. A current liability is a financial obligation that a company needs to pay within one year.
  • Step 2: Look at the options provided in the question. Identify which option represents a debt or obligation.
  • Step 3: Check the due date of the identified obligation. If it is due within one year, it is a current liability.
  • Step 4: Confirm that 'Accounts Payable' is a type of debt that is typically due within one year.
  • Step 5: Conclude that 'Accounts Payable' is classified as a current liability.
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