Current vs Non-Current Liabilities Quiz
Quick multiple-choice check on classifying liabilities and understanding their reporting impact.
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Quiz Questions & Answers
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Question 1: Which of the following is a current liability?
Bank loan repayable in 5 years
Accounts payable
Building mortgage
Question 2: Which of the following is a non‑current liability?
Salaries payable
Long‑term bonds payable
Cash overdraft
Question 3: Why is the distinction between current and non‑current liabilities important?
It helps assess liquidity and long‑term solvency
It eliminates the need for balance sheets
It records only cash transactions