Moving to another question will save this response Question

Moving to another question will save this response. Question 15 The mortgage of a facility is known as a term liability since it will likely continue for more than 1 year ? Mowing to another question will save this response.

Solution

Long-term liability.

Explanation: Long term liability is a liability which is due to be paid for more than an year. Hence, the mortgage loan is normally payable for more than an year and is classified as long term liability.