Recording Liabilities: Current vs. Long-Term Considerations

. Further, liability can be a current or long-term liability. Current liabilities refer to liabilities that should be paid within one year, while long-term liabilities refer to the liabilities that are payable in more than a year. Therefore, companies mostly record liabilities as either current, if they are due in one year, and long-term liabilities if they should be paid in more than a year. Question 2 Do you think that Loss Contingencies should be accrued and r...