Asked by
Eyerus Mekonnen
on Nov 13, 2024
Verified
All long-term liabilities eventually become current liabilities.
Long-Term Liabilities
Financial obligations of a business that are due more than one year in the future.
Current Liabilities
Debts or obligations that are due to be paid within one year or within the normal operating cycle.
- Understand the classification and recognition of liabilities on the balance sheet.
Verified Answer
OS
Learning Objectives
- Understand the classification and recognition of liabilities on the balance sheet.