Difference between current and longterm liabilities, Accounting Basics

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Difference between current and longterm liabilities

Response to the following questions:

1. On a balance sheet, what is the difference between Current Liabilities and LongTerm Liabilities? Give an example of an account in each classification.

2. On an income statement, what is the difference between income from operations and net income? Which is more useful in comparing the results of operations over a number of years?

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Accounting Basics: Difference between current and longterm liabilities

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