Knowledge Check 01 Obligations that are due within one year are: reported as a current liability. reported as a long-term liability. reported as both a current and a long-term liability. recorded only if it must be paid within the current year.

Obligations that are due within one year are: reported as a current liability.

Explanation:

Current liabilities are the obligations that the company has, and that are due (that have to be paid) within one year.

An common example of a current liability are taxes: most taxes have to be paid to the government within one year, therefore, companies include them in the financial statements as current liabilities until they are paid.

Long-term liabilities are on the other hand, those obligations that are due for periods longer than one year. Many bank loans fall under this category.

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