Answer:
some obligations payable at some date beyond the operating cycle.
Explanation:
Liabilities refer to money that a business owes to other entities. They are debts a firm acquires in its normal business operations. Liabilities are categorized as either long-term or short-term.
Long term liabilities are obligations that are not due for repayment in the current financial year. They are debts that the company is expected to pay in future financial periods. Long-term liabilities due dates are after one year and beyond. Short-term liabilities contrast long-term liabilities because the due date for the former is in the current financial year.
