Question

What type of accounts are notes payable and current maturities of long-term debt

Answer 1

Answer:

short term liabilities

Answer 2

Notes payable and current maturities of long-term debt are Current liabilities.

Explanation:

• Notes payable make up a shared category of current liabilities as displayed on the balance sheet.  

• These contain debt obligations outstanding within a 12-month period.  

• The current maturities of long-term debt are too a part of the organization's absolutely determinable liabilities since it is both, known to exist and can be calculated precisely.