Obligations that need not be paid for a long time,usually more than one year,are classified as current liabilities.

Name: Obligations that need not be paid for a long time,usually more than one year,are classified as current liabilities.
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Obligations that need not be paid for a long time, usually more than one year, are classified as long-term liabilities, not current liabilities. Current liabilities are obligations that are due to be paid within one year or the operating cycle, whichever is longer.

Obligations That Need Not Be Paid for a Long Time,usually