Current liabilities are reported separately from long-term liabilities.

Name: Current liabilities are reported separately from long-term liabilities.
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Question

Quizplus · Accepted Answer

Current liabilities are debts and obligations that are expected to be settled within one year or the operating cycle of a business, whichever is longer. Long-term liabilities are debts and obligations that are due after one year or the operating cycle of a business. They are reported separately on the balance sheet.

Current Liabilities Are Reported Separately from Long-Term Liabilities