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Current Portion of Long Term Debt definitions

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  • Long-term Liability
    Obligation not due within the next year, typically reported separately from amounts due in the short term.
  • Current Liability
    Obligation expected to be settled within one year, including amounts reclassified from long-term debt.
  • Principal
    Original amount borrowed or outstanding on a loan, excluding any interest.
  • Note Payable
    Formal written promise to pay a specified sum, often with interest, at future dates.
  • Current Portion of Long Term Debt
    Amount of principal from a long-term loan that must be repaid within the next year, shown as a current liability.
  • Interest Expense
    Cost incurred for borrowing funds, calculated on the outstanding principal over a period.
  • Interest Payable
    Accrued but unpaid interest owed at the end of an accounting period, classified as a current liability.
  • Reclassification Entry
    Journal entry moving a portion of a long-term liability to current liabilities as repayment becomes imminent.
  • Installment
    Regularly scheduled payment that reduces both principal and interest on a loan.
  • Adjusting Entry
    End-of-period journal entry ensuring financial statements reflect accrued expenses and reclassified liabilities.
  • Repayment Schedule
    Plan outlining the timing and amounts of principal and interest payments over the life of a loan.
  • Accrued Interest
    Interest that has accumulated but has not yet been paid by the end of the accounting period.
  • Balance Sheet
    Financial statement presenting a snapshot of assets, liabilities, and equity at a specific date.
  • Journal Entry
    Accounting record documenting the debit and credit effects of a transaction in the financial system.
  • Outstanding Principal
    Remaining unpaid portion of the original loan amount, used to calculate future interest.