WHAT ARE CURRENT LIABILITIES? |
Current liabilities are obligations/liabilities:
|
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 |