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Is interest payable a long term liability or current liability?
Wiki User
∙ 10y ago
A payable (such as interest payable) can be either a long term or current liability, to find out which consider the definitions of each.
Current liability is any liability that will be fully paid within one year (or less) or one accounting period.
Long term liability is any liability that will take more than one year or accounting period to be fully paid.
For the most part, interest payable is current, as it usually is required to be paid quickly, however, that is not always the case.
Wiki User
∙ 10y ago
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Is accrued interest payable a current liability?
For general purposes, accrued interest payable is generally a current liability, however that depends on one major factor. When will the liability be paid? Any liability that a company can reasonably expect to pay off in 12 months (or less) or one accounting period is a "current liability" any liability that will be paid off at a longer time is a "long term liability" So if the accrued interest will be paid in 12 months or less, then it is a current liability.
Is a loan is current liability or long term liability in the balance sheet?
If loan is payable within twelve month of issuance of loan then it is current liability but if it is payable in more than one fiscal year then it is long term liability but even in long term loan, that portion of loan which is payable in current fiscal year is current liability and remaining portion is long term liability.
Is long term notes payable current liability?
no
Is salary payable a current liability or long term liability?
It should be current liability because it is made monthly, not per year.
What are Current liability?
Current liability is a liability that will be paid for in a short period of time, usually consisting of less than a year. Accounts payable are current liabilities, while notes payable are long term liabilities.
Is accrued interest payable a current liability?
For general purposes, accrued interest payable is generally a current liability, however that depends on one major factor. When will the liability be paid? Any liability that a company can reasonably expect to pay off in 12 months (or less) or one accounting period is a "current liability" any liability that will be paid off at a longer time is a "long term liability" So if the accrued interest will be paid in 12 months or less, then it is a current liability.
Is a loan is current liability or long term liability in the balance sheet?
If loan is payable within twelve month of issuance of loan then it is current liability but if it is payable in more than one fiscal year then it is long term liability but even in long term loan, that portion of loan which is payable in current fiscal year is current liability and remaining portion is long term liability.
What is the fundamental variable which is used to determine if a liability is a current liability or a long term liability?
if liability is payable within one fiscal year then it is current liability while if it is payable for morethan one fiscal year then it is long terrm liability.
Is long term notes payable current liability?
no
Is salary payable a current liability or long term liability?
It should be current liability because it is made monthly, not per year.
What are Current liability?
Current liability is a liability that will be paid for in a short period of time, usually consisting of less than a year. Accounts payable are current liabilities, while notes payable are long term liabilities.
1 A liability is classified as a current liability if it is to be paid within the coming year?
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.
Current Liabilities and Long-Term Liabilities?
depends on the contract...could be bothA payable (such as interest payable) can be either a long term or current liability, to find out which consider the definitions of each. Current liability is...Long-term liabilities are generally considered to be those debts that will not mature (or come due) for over a year. Current liabilities are generally considered to be those obligations that come
On a balance sheet the accounts of accounts payable salaries payable and mortgage notes payable would fall under the category of?
Accounts payables and salaries payable are part of current liability in balance sheet while current portion of mortgage notes payable is part ot current liability and remaining portion is part of long term liability.
What is the purpose of reporting current maturities of long term debt?
Purpose to report is to show that how much portion of long term debt will be paid or payable in current accounting year that's why that portion became current liability and not long term liability.
What do current liabilities include?
Current liabilities included all liabilities payable in current fiscal year like accounts payable, current portion of long term liability etc.
Are Notes receivable are classified as current liabilities?
Notes Receivable are "not" classified as a liability at all, since they are receivable (meaning the company will receive them) they are classified as Long Term Assets. Accounts Receivable (Current Asset) Notes Receivable (Long Term Asset) Accounts "Payable" (Current Liability) Notes "Payable" (Long Term Liability)
