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please continue and identify and describe the two balance sheet liability classifications and explain the purpose...

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Accounting

please continue and identify and describe the two balance sheetliability classifications and explain the purpose of financialstatement disclosures? Why do we need financial statements and howdoes it really do for us?

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identify and describe the two balance sheet liability classifications The liability section is customarily divided into Current Liabilities are those obligations that will be liquidated within one year or the operating cycle whichever is longer Normally current liabilities are paid with current assets Longterm Liabilities    See Answer
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