Accounting Dictionary

Current Liabilities

Current liabilities are debts that must be paid in less than a year or one operating cycle.

Common current liabilities include accounts payable, wages payable, short term notes payable. Most companies use a year as their bench mark, but if you make a product that takes 18 months or two years to finish, you might use the time it takes to start and finish your product as your benchmark. That would be called one operating cycle.

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