Give me a substantive comment on this post:

It is my understanding that the only difference between current and long-term assets and liabilities is time. Current assets can be turned into cash within a year's time and current liabilities are something that can be paid off, also within a year's time. Whereas long-term assets and liabilities is the exact opposite. Long-term assets are something either tangible or intangible that can be reported over many years. Liabilities that have future due dates that extend out more than a year is considered a long-term liability. I think the number one reason why it's important to distinguish current and long-term assets and liabilities, is it shows how much money a company can come up with within a year's time and if the company will be able to pay their debt by future due dates.