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    Question

    Which of the following is not an example of a long-term

    liability?
    A Bonds payable Correct Answer Incorrect Answer
    B Mortgages payable Correct Answer Incorrect Answer
    C Accounts payable Correct Answer Incorrect Answer
    D Notes payable Correct Answer Incorrect Answer

    Solution

    Explanation: Long-term liabilities are debts that are due more than one year from the date of the financial statement. Accounts payable is a short-term liability.

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