Question

(True) or (False)? A long-term liability that has a portion of it due in the current year should have part reported on the balance sheet as a current liability, with the rest reported on the balance sheet as a long-term liability. Group of answer choices

Answer 1

Answer:

True

Explanation:

The liability that has an obligation to pay the debt within 12 month is known as the current liabilities but the obligation to pay the debt above 12 months is known as long term liability

So if the portion of its due in the current year so the same is considered as current liability and rest would be recorded as a long term liability

Hence, the given statement is true