CURRENT PORTION OF LONG-TERM DEBT Definition

Bookmark and Share

CURRENT PORTION OF LONG-TERM DEBT is only that portion of long-term obligations (payable in more than one year) which are owed and payable in the current year; e.g. the portion of a five-year loan or lease that is due in the current calendar/fiscal year.

Learn new Accounting Terms

GRACE PERIOD is the period of time between your statement date and the due date, i.e. it is the time period stipulated in most loan contracts and insurance policies during which a late payment will not result in penalties, default or cancellation.

OMITTED is to leave undone or leave out, i.e. to prevent from being included or considered or accepted.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.