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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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11/22/2017 11:11:18 PM
PPRDQSSWS802 9142 Pro 2018 7375ee