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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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What is the difference between a current liability and a long-term liability?

To determine

Liability

Liability is an obligation of the business to pay to the creditors in future for the goods and services purchased on account or any for other financial benefit received. It can be current liability or a non-current liability depending upon the time period in which it is paid.

To Explain: The difference between current liability and long-term liability.

Explanation

Current liabilities Long-term liabilities

Current liability is a kind of liability or the obligation of the business towards the creditors, in which the business is required to pay the creditors, within a period of one year or one operating cycle of the business, whichever is longer.

Long-term liabilities are the obligations of the business that need not be paid within one year or within one operating cycle whichever is longer...

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