Answer :

Final answer:

Current and long-term liabilities are distinct financial obligations with different time horizons for repayment, impacting an organization's financial standing.


Explanation:

Current liabilities are debts that a company expects to settle within one year or its operating cycle if longer. These include accounts payable, accrued expenses, and unearned revenue.

Long-term liabilities are obligations due beyond the current fiscal year, such as bonds payable or pension liabilities.

Understanding liabilities is crucial for assessing an organization's financial health and solvency.


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