ECONOMICS

Detailed explanation-1: -The portion of a long-term liability, such as a mortgage, that is due within one year is classified on the balance sheet as a current portion of long-term debt.

Detailed explanation-2: -Long-term liability is usually formalized through paperwork that lists its terms such as the principal amount involved, its interest payments, and when it comes due. Typical long-term liabilities include bank loans, notes payable, bonds payable and mortgages.

Detailed explanation-3: -Long-term liabilities, also called long-term debts, are debts a company owes third-party creditors that are payable beyond 12 months. This distinguishes them from current liabilities, which a company must pay within 12 months. On the balance sheet, long-term liabilities appear along with current liabilities.

Detailed explanation-4: -Mortgage payable is considered a long-term or noncurrent liability. Business owners typically have a mortgage payable account if they have business property loans.

Detailed explanation-5: -A fixed liability is a debt, bond, mortgage or loan that is payable over a term exceeding one year. Such debts are better known as non-current liabilities or long-term liabilities. Debts or liabilities due within one year are known as current liabilities.