what is current liability
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in accounting, current liabilities are often understood as all liabilities of the business that are to be settled in cash within the fiscal year or the operating cycle of a given firm, whichever period is longer
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Current liabilities are a company's short-term financial obligations that are due within one year or within a normal operating cycle. ... Examples of current liabilities include accounts payable, short-term debt, dividends, and notes payable as well as income taxes owed.
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