Question

the period exceeding ______years is regarded as long term ?
1)five
2)six
3)four
4)three

Answer 1

Answer:

5

Explanation:

as thats how its told

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Answer 2

The period exceeding is five years.

• This relates to how long an asset/liability has been kept.
• Such an element can be kept as long as 30 years or more, depending on the type of security.
• For example: Long-term liabilities are typically the specific business's financial commitments that are due in the future for more than an active year.
• Examples of long term liabilities are -

1. Long term Loans
2. Payable Bonds