Long-term debt is a liability that is payable beyond one year from the date of the financial statements.

Name: Long-term debt is a liability that is payable beyond one year from the date of the financial statements.
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Long-term debt refers to any debt that is due for payment beyond one year from the date on the financial statements. This can include loans, bonds, and other forms of borrowing that have a longer repayment period. In contrast, short-term debt is payable within one year.

Long-Term Debt Is a Liability That Is Payable Beyond One