Monthly Archives: February 2023

Current liabilities (sometimes referred to as short-term liabilities) are obligations that are due within one year. Examples of current liabilities include payables such as accounts payable, wages payable, interest payable, and warranty liabilities. Long-term liabilities (or non-current liabilities) are due after one year or longer. Examples of long-term liabilities include notes payable and long-term leases. Liability in accounting refers to…