Question

how are liabilities classified?

Answer 1

There are three main classification :
Current liabilities (short-term liabilities) are liabilities that are due and payable within one year. Non-current liabilities (long-term liabilities) are liabilities that are due after a year or more.

Answer 2

Classification of Liabilities

There are three main classifications of liabilities:

Current liabilities (short-term liabilities) are liabilities that are due and payable within one year.
Non-current liabilities (long-term liabilities) are liabilities that are due after a year or more.
Contingent liabilities are liabilities that may or may not arise depending on a certain event.