The mortgage on prudential insurance's local facility will be paid off over the next 30 years.
the majority of this mortgage would be classified on prudential's balance sheet as a(n):

a) current asset.
b) current liability.
c) long-term asset.
d) long-term liability.
e) account payable.

(d)

Explanation:

A liability is an obligation resulting from a previous event that is not due within one year of the date of the balance sheet.

On a balance sheet liabilities are categorised into current and long term liabilities.

An example of a long term liability is a long term loan, and a mortgage is an example of a long term loan, since it will take the next 30 years to pay off the mortgage.

Other examples of long term liability are bonds payable, pension liabilities, custormer deposits.

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