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In most cases, current liabilities are payable within one year(s), and long-term liabilities are payable more than one year(s) from the balance sheet date.
What are liabilities?
A liability is defined as the forfeiture of future economic benefits that an entity must make to other entities as a result of previous transactions or other previous events. [1] The resolution of such liabilities may involve the transfer or use of assets, the rendering of services, or other future generation of economic benefits.
Long-term liabilities, often known as long-term debts, are sums owed by a corporation to third parties and are due after 12 months. This sets them apart from current liabilities, which a business must settle within a year. Current liabilities and long-term liabilities both appear on the balance sheet.
Long-term liabilities are those that must be paid off over an extended period of time, as opposed to current liabilities, which must be paid off within one year. For instance, a company would incur a long-term liability if it took out a mortgage with a 15-year amortization schedule.
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