Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 48 - No. 11)
Which of the following is a characteristic of a 'long-term liability'?
It is due within one year.
It is due beyond one year.
It is expected to be used up quickly.
It involves short-term investments.
Explanation
A long-term liability is an obligation that is due more than one year from the balance sheet date.
Comments (0)
