Liabilities that are due and payable beyond one year or paid out of noncurrent assets are termed long-term liabilities.

Name: Liabilities that are due and payable beyond one year or paid out of noncurrent assets are termed long-term liabilities.
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Long-term liabilities refer to debts and obligations that are expected to be paid off or fulfilled beyond the next 12 months, or with noncurrent assets. Examples include mortgages, bonds, and long-term loans.

Liabilities That Are Due and Payable Beyond One Year or Paid