What is the difference between current and long... - SS1 Accounting Identification of Types of Assets And Liabilities Question

Current liabilities are short-term debts that a company owes and must pay within a year, while long-term liabilities are debts that a company owes and must pay back over a period of more than one year. Current liabilities are typically related to day-to-day operations, while long-term liabilities are related to major investments and financing decisions.