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When you have something listed in the category of current liabilities, it is your intention to pay the obligation sometime within the next 12 months. However, is something is listed as a long-term liability; you have no idea whether it is due to be paid within 2 years or 20 years. Do you think it would be helpful if long-term liabilities were separated into different categories such as "obligations within the next 5 years," "obligations within the next 10 years," "obligations longer than 10 years," and so on?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9983643

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