Final answer:
Current and long-term liabilities are distinct financial obligations with different time horizons for repayment, impacting an organization's financial standing.
Explanation:
Current liabilities are debts that a company expects to settle within one year or its operating cycle if longer. These include accounts payable, accrued expenses, and unearned revenue.
Long-term liabilities are obligations due beyond the current fiscal year, such as bonds payable or pension liabilities.
Understanding liabilities is crucial for assessing an organization's financial health and solvency.
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