Which of the followWhich of the following statements is not true regarding the reporting of liabilities?

Question 24Answer

a.

Notes and bonds payable due beyond one year are reported as long-term liabilities on the balance sheet.

b.

The current portion of long-term debt is reported separately from the long-term portion on the balance sheet.

c.

Accounts payable is reported as a current liability on the balance sheet.

d.

Contingent liabilities that are probable but not estimable are reported in the Long-term liabilities section of the balance sheet

Clear my choice

ing statements is not true regarding the reporting of liabilities?