Slide 10-2 The Nature of liabilities Defined as debts or obligations arising from past transactions or events Maturity =1 year or less Maturity >1 year Current Noncurrent Liabilities Liabilities LOU Irwin/McGraw-Hill ?The McGraw-Hill Companies, Inc., 1999?The McGraw-Hill Companies, Inc., 1999 Slide 10-2 Irwin/McGraw-Hill The Nature of Liabilities I.O.U. Defined as debts or obligations arising from past transactions or events. Maturity = 1 year or less Maturity > 1 year Current Liabilities Noncurrent Liabilities