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  • 14-01-2021
  • Business
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Obligations to suppliers of merchandise that bear interest and are for a longer term than open accounts are called

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Zviko
Zviko Zviko
  • 14-01-2021

Answer:

Non - Current or Long term liabilities

Explanation:

According to the Conceptual Framework, Liabilities are present obligation of an entity that arise as a result of past events from which cash outflows are expected.

Liabilities of a long term nature usually exceeding period of 12 months are called Non- Current or Long term Liabilities

Thus, Obligations to suppliers of merchandise that bear interest and are for a longer term than open accounts are called Long term liabilities

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