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When would I add a Long-Term Liability account?

In addition to adding Long-Term Liability accounts to track mortgages, long-term loans, and notes payable, you might add them to track:

  • Bonds payable
  • Lease payments
  • Deferred income tax payments

Liabilities are your company's debts, and long-term liabilities are the debts that will take longer than a year to pay off.

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10/25/2016 8:35:36 AM
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