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In your post, discuss current liabilities and long-term liabilities. What are the differences between the two? Illustrate your understanding of liabilities, making sure to identify major types of current liabilities. Discussion Post #5 Week 1 Jordan M. Hill BUS 591 Financial Accounting & Analysis Instructor: Dr. Havel November 5, 2019
Liabilities are an essential part of any companies financial statements and accounting practices. Liabilities are defined as creditors claims on total assets, with current liabilities being a debt the company expect to pay from current assets or within one year, whichever is longer (Kimmel, Weygandt, Kieso, 2019, What is a current liability? para. 1). Long-term liabilities on the other hand are any liabilities that do not fall into the two...