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1 A liability is classified as a current liability if it is to be paid within the coming year?
Wiki User
∙ 9y ago
Yes current liability is that liability which is payable within one fiscal year otherwise it is that portion of long term liability which is payable within one year remaining portion will be long term liability.
Wiki User
∙ 9y ago
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3 When is a liability classified as a current liability ad as a noncurrent liability?
When liability is payable within one fiscal year then it is current liability while one liability is payable within more than one period then Is non-current liability.
Is a three year notes payable classified as a current liability?
Only the portion of it that is due within the next 12 months is current. The balance is a deferred or non-current liability.
Is bank loan a current liability?
That depends on the term of the loan. Let's define Current Liability and Long-Term LiabilityA current liability is any liability that will be paid off within one year (or less) or one accounting cycle. A bank loan, if is financed for One Year or less, would be classified as a Current Liability.A Long-Term Liability is anything OVER a year. So if the bank loan is financed for more than one year, it will then be classified as a Long-Term Liability.
Is bonds payable of 5000 issued at 99 dollars is it a current liability or noncurrent liability?
If this bond payable is payable within one fiscal year then it is current liability otherwise if it is not payable within one fiscal year then it is non current liability.
What is the difference between current liability and total liability?
Current Liability: Current liability is a specific liability and it is short term and mostly it is paid within the year. Total Liability: Total liability is the sum of all liabilities like current liabilities, outstanding liabilities etc.
3 When is a liability classified as a current liability ad as a noncurrent liability?
When liability is payable within one fiscal year then it is current liability while one liability is payable within more than one period then Is non-current liability.
Is a three year notes payable classified as a current liability?
Only the portion of it that is due within the next 12 months is current. The balance is a deferred or non-current liability.
Is bank loan a current liability?
That depends on the term of the loan. Let's define Current Liability and Long-Term LiabilityA current liability is any liability that will be paid off within one year (or less) or one accounting cycle. A bank loan, if is financed for One Year or less, would be classified as a Current Liability.A Long-Term Liability is anything OVER a year. So if the bank loan is financed for more than one year, it will then be classified as a Long-Term Liability.
Is an overdraft a liability?
Bank Overdraft as Liability by Kayors Yes, a bank overdraft are classified as a current liability. What happens here is withdrawls from the bank exceed deposits. The lending institution, usually the bank, would allow an extension of credit in such a case. The company is usually expected to pay within short-term and it results in negative balance in company's bank account. That is the reason for the overdraft being classified as a current liability.
Is a bank overdraft an liability?
Bank Overdraft as Liability by Kayors Yes, a bank overdraft are classified as a current liability. What happens here is withdrawls from the bank exceed deposits. The lending institution, usually the bank, would allow an extension of credit in such a case. The company is usually expected to pay within short-term and it results in negative balance in company's bank account. That is the reason for the overdraft being classified as a current liability.
Is bonds payable of 5000 issued at 99 dollars is it a current liability or noncurrent liability?
If this bond payable is payable within one fiscal year then it is current liability otherwise if it is not payable within one fiscal year then it is non current liability.
What is the difference between current liability and total liability?
Current Liability: Current liability is a specific liability and it is short term and mostly it is paid within the year. Total Liability: Total liability is the sum of all liabilities like current liabilities, outstanding liabilities etc.
Are Accrued wages a current liability?
Accrued liabilities are a current liability if they are due within one year.
All long-term debt maturing within the next year must be classified as a current liability on the balance sheet?
Yes. Usually separated and called "Current Portion of Long-Term Debt"
What may be a current liability?
A current liability is an amount owed within a 1-year period for goods or services received. Accounts payable is the most common current liability.
What is the rule for classifying a liability as current?
A current liability is one that is due within a year. Anything after a year is a mon current liability. If however part is due within a year and the rest in later years such as a bank loan then you should show the amount that is due in a year as current and the rest as non current.
Is FUTA taxes payable a current liability?
Yes, FUTA taxes payable is a current liability. Current liabilities are those that are due within one year.
