Two common subgroups for liabilities on a classified balance sheet are: Multiple Choice Current liabilities and intangible liabilities. Present liabilities and operating liabilities. General liabilities and specific liabilities. Intangible liabilities and long-term liabilities. Current liabilities and long-term liabilities.

Current liabilities and long term liabilities

Explanation:

Liability is simply referred to as what is owed by a business or a company. e.g unpaid salaries, etc. Liabilities can be classified as either current liabilities and long term liabilities.

Current liabilities are the liabilities which are for a short period of time and usually paid in that particular year. e.g short term debt.

Long term liabilities are the liabilities which are for a longer period of time which are typically more than a year e.g mortgage payment, car payment etc.

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