Accounting Dictionary - Accounting Terms & Definitions
A: Current Liabilities
Current Liabilities are liabilities which will be due within short period, which is usually less than one year. Generally such liabilities are paid out of Current Assets.
Current Liabilities are reflected separately on the Balance Sheet since they represent debt of the business which will have to be paid back within short period of time and is compared with the Current Assets to determine whether the business have enough of them to cover Current Liabilities.
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