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Current liability

Amounts owed by a business to other organisations and individuals that should be paid within one year from the balance-sheet date.

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  • Part of Speech: noun
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  • Blossary:
  • Industry/Domain: Accounting
  • Category: Auditing
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Related terms

current liabilities
Retail; Supermarkets

Includes all debts and expenses due within one year (such as, accounts payable, accrued liabilities, current portions of long-term debt). See liabilities, current.

current liability
Financial services; Real estate investment

A current liability is a short-term debt or other debt expected to be paid out of current assets or to be transferred to income within a short period of time (usually one year).

current liability
Accounting; Auditing

Amounts owed by a business to other organizations and individuals that should be paid within one year from the balance-sheet date.

current liabilities
Economy; Forex

Money owed by the business that is generally due for payment within 12 months of balance sheet date. Examples: creditors, bank overdraft, taxation.

current liabilities
Convention; Conferences

All debts incurred in the normal day-to-day business and due within one calendar year.

current liability
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A company's debts or obligations that are due within one year. Current liabilities appear on the company's balance sheet and include short term debt, accounts payable, accrued ...

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