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mortgage loan payable

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

A liability account whose balance is the unpaid principal balance as of the balance sheet date. The amount of principal required to be paid within 12 months of the balance sheet date is reported as a current liability. The unpaid principal balance not due within one year of the balance sheet date is reported as a long term liability.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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