Long-term liabilities are liabilities that are due in a period longer than one year.

Name: Long-term liabilities are liabilities that are due in a period longer than one year.
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Long-term liabilities are defined as liabilities that must be paid within a period of more than one year from the date of the balance sheet. Examples of long-term liabilities include bonds payable, long-term loans, and lease obligations due over several years.

Long-Term Liabilities Are Liabilities That Are Due in a Period