Liabilities are categorized as current liabilities and non-current liabilities.

Name: Liabilities are categorized as current liabilities and non-current liabilities.
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Liabilities are categorized into two types, i.e. current liabilities and non-current liabilities based on their maturity period. Current liabilities are obligations that are payable within one year, while non-current liabilities are obligations that are payable after one year.

Liabilities Are Categorized as Current Liabilities and Non-Current Liabilities