Liabilities are classified on the balance sheet as current or

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Liabilities are classified as either current or long-term. Current liabilities are those that are expected to be settled within one year, while long-term liabilities are those that are not expected to be settled within one year. Deferred, unearned, and accrued are all specific types of liabilities that could be classified as either current or long-term, depending on when they are expected to be settled.

Liabilities Are Classified on the Balance Sheet as Current or