Trade payables to be settled beyond 12 months from the date of Balance sheet or beyond the operating cycle are classified under:
This question was previously asked in
Shift 29/05/2023 3:30 PM - 6:30 PM
A
Long term provisions
B
Other long term liabilities.
C
Deferred tax liabilities
D
Long term Borrowing
Correct Answer
Other long term liabilities.
Detailed Explanation
Trade payables that are to be settled beyond 12 months from the date of the balance sheet or beyond the operating cycle are typically classified under:
- Other long term liabilities.
This category is used to represent liabilities that are not short-term (current) but are not necessarily long-term borrowing or provisions. Trade payables that have a longer settlement timeline would fall into this category as they are neither current nor strictly long-term borrowing or provisions.
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