Question

Differentiate between non-current and current liabilities. Give examples

Answer 1

Noncurrent liabilities include debentures, long-term loans, bonds payable, deferred tax liabilities, long-term lease obligations, and pension benefit obligations. The portion of a bond liability that will not be paid within the upcoming year is classified as a noncurrent liability.

Current liabilities are obligations due within one year or the normal operating cycle of the business, whichever is longer. These liabilities are generally paid with current assets.

Examples. Current liabilities include short term creditors, short term loans, and utility payables. Noncurrent liabilities include long term bank loans, bonds debentures etc.

Answer 2

Answer:

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