Balance Sheet And Its Liabilities Side( Part 2 of 3)

WHAT ARE CURRENT LIABILITIES?

Current liabilities are  obligations/liabilities: that is expected to be settled in the normal course of the enterprise’s operating cycle ; or Is due to be settled within twelve months of the balance sheet date

Current Liabilities	Description
Accounts payable	Claims of suppliers arising from their providing goods or services to the entity for which they have not been paid
Accrued expenses	Amounts earned by outside parties but have not been paid by the entity
Deferred revenues	Liabilities that arise because the entity receives advanced payments for services it has agreed to render in the future
Taxes Payable	Amount owed to government agencies
Other Creditors	Amounting owing by the entity to non-Accounts payables like staff and others
Short term loan	Debts that are payable within 12 months of the balance sheet date