Financial Accounting problem discussion

In a minimum of a paragraph, answer the question. A paragraph is considered a minimum of 4-6 sentences. Cite all sources – you must provide the exact link to the reference. Please keep in mind that citing sources does not mean you can copy and paste information from the source and use it as your own. You also cannot only change a few words from a source; all work must be in your own words.

Please answer the following question(s):

What distinguishes a current liability from a long-term liability?  Why is it so important to report these separately?  How is this information used in decision-making applications?