What are three main characteristics of liabilities, and why is it important to classify liabilities into short-term and long-term? Include examples of short and long-term liabilities in your response.

What are three main characteristics of liabilities, and why is it important to classify liabilities into short-term and long-term? Include examples of short and long-term liabilities in your response.

Your essay must be at least one page in length. Be sure to include an introduction that gives the purpose of your essay and engages the reader. Any information from a resource must be cited and referenced in APA style, and your essay should be formatted in accordance with APA guidelines.