Question

What are long term loans and advance​

Answer 1

Answer:

Loans which comes under long term liabilities. It may consist of long term loan borrowed from banks or financial institutions and are paid off over a longer span of time say 5-10 years.

 Advances are the sums paid or received before an obligation is fulfilled. This comes under current liabilities.

Answer 2

Loans which comes under long term liabilities. It may consist of long term loan borrowed from banks or financial institutions and are paid off over a longer span of time say 5-10 years. Advances are the sums paid or received before an obligation is fulfilled. This comes under current liabilities.