Long term liability becomes the current liability in that year in which it is to be cleared so Yes, long term liability become current liability.
The amount of liability which is yet to be paid as on the balance sheet date is known as outstanding liability
NO. But the Current maturities of long-term debt is an operating liability.
a current liability
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.
Long term
Long term liability becomes the current liability in that year in which it is to be cleared so Yes, long term liability become current liability.
NO. But the Current maturities of long-term debt is an operating liability.
The amount of liability which is yet to be paid as on the balance sheet date is known as outstanding liability
a current liability
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.
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.
Yes it is a current liability
No, Its not a long term liability, since it will be paid in the same month the expenes is booked or the next month
Mortgage
outstanding expences is an current liability
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.