​ Two Categories of Liabilities: Current and Long-Term To get a better view of your current and long-term liabilities, you can always create a classified balance sheet that breaks down your different liabilities. Current Liabilities Liabilities due within an operating cycle of the company. For most, one operating cycle is one year. Long-Term Liabilities Liabilities due more than one operating cycle of the company. These are items like mortgages on buildings, vehicle or equipm