The main difference between current and long-term is their liquidity. Current assets are easily converted into cash while long-term ones require more time in order to do so due to the fact that they have longer useful lives which means they must generate returns over an extended period of time before being sold off. This also impacts how companies finance their operations since current liabilities can typically be paid off with ease while long term ones usually require additional financing sources (e.g., equity or debt).
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