What is the deference b/n long term liability and short term liability?

The liability which will be payable after one year that's called Long Term Liability but which is due with in one year that's called Short Term Liability

long term liabilities are generally considered to be those debts that will not mature for over a year.

short term liabilities are  generally considered to be those obligations that come due within the year.

Long term Liabilities >1 year

Short term Liabilities <1year

Long-term liabilities are generally considered to be those debts that will not mature (or come due) for over a year. Current liabilities are generally considered to be those obligations that come due within the year. Current liabilities do; however, include more than just debt. Generally current liabilities will include anything that must be paid within the next year that is not directly related to the costs of production (because the company could stop producing widgets, but would still have to make lease payments, etc.). Companies with long-term liabilities whose payments include principal will occasionally show the principal portion of the long-term liabilities that will be paid in the current year within the current liabilities (and remove those principal payments from the long-term liabilities).

long term liability is for more than12 months period whereas short term liability is for12 months period

agree with friends..........................

Short term liability will be settled with in1 year & long term liability will be settled more than1 year 

long term liability are those liability that take more than one calendar year while short term take less than a year