Maturities of long-term debt due within one year of the balance sheet date are reported separately...
Maturities of long-term debt due within one year of the balance sheet date are reported separately from long-term debt. TRUE / FALSE ?
Homework Answers
Ans: True
Explanation:
1) The current portion of long term liability is that portion of liability which is due within one year.
2) This portion needs to be paid on time and with most liquid assets.
3) It is reported as,
| Current portion of long term Debt | Current Liability |
| Long term debt | Non current liability |
4) Therfore, on balance sheet
Current portion of long term liability is reported separately from that long term liability.
5) Hence, above statement is true.
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