Liabilities are divided into two categories:
A) current and payable.
B) current and future.
C) accounts payable and long-term.
D) current and long-term.

Question

Quizplus · Accepted Answer

Liabilities are classified into current liabilities and long-term liabilities. Current liabilities are the obligations that have to be paid within a year, whereas long-term liabilities are the obligations that have to be paid beyond a year.

Liabilities Are Divided into Two Categories