Asked by Alanna Cooperman on May 09, 2024
Verified
Liabilities are generally classified as either ______________ or ______________ on a classified balance sheet.
Current Liabilities
Financial liabilities that need to be settled within a year or within the standard operating period of the company.
Long-Term Liabilities
Financial obligations of a business that are due more than one year in the future, such as bonds payable, long-term loans, and lease liabilities.
- Differentiate between various types of liabilities and their classification on a balance sheet.
Verified Answer
EK
Learning Objectives
- Differentiate between various types of liabilities and their classification on a balance sheet.
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