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As per accounting standards, what is the meaning of "Short
Term Liabilities and Long Term Liabilities:? As the Company
can change the classification based on their business? Or
these meanings are fixed?
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Answer Posted / shirish
Short term liabilites means those liabilities which are
paid imedately like Bills Payble and lond term liabilities
are those liabilities which are taken for use of long
period like Share capital Bank o/d.
No.
These are fixed.
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