Long-term obligations usually arise from major expenditures，suchas acquisitions of fixed assets，the purchase of another enterprise，or refinancing an existing long-term obligation，which is about to mature.Thus，transactions involving long-term liabilities are relatively few in number，but often involve large dollar amounts.In contrast，current liabilities usually arise from routine operating transactions.

Liabilities in this category include bonds payable，mortgages payable，longterm notes payable，lease liabilities，and obligations under employee pension plans.

Many businesses regard long-term liabilities as an alternative to owners'equity as a source of“permanent”financing.