current liability

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Current Liabilities

On a balance sheet, any liability expected to be paid off in one year or less. Common examples of current liabilities are short-term bills and accounts payable.

current liability

A debt due within a year. Current liabilities include accounts payable, short-term loans from financial institutions, current maturities of long-term debt, dividends declared but not paid, and expenses incurred but not paid. Current liabilities are generally met using current assets.
References in periodicals archive ?
Other damages height 5,000,000 EUR (must be 2-fold per year of insurance are carried at current liability insurance available, with 2-fold project insurance for the entire period).
If the payments are made in advance, then the current liability is equal to the lease instalments in the current financial year and the rest goes into non-current liabilities.
Southwest Airlines has a significant current liability in the form of unearned ticket revenue from customers paying in advance of flights.
If the premise is accepted that CPLTD is repaid from CPFA and not from current assets, it must follow that the current ratio is flawed by including CPLTD as a current liability that must be paid from current assets.
412 (1) establishes funding requirements for certain under-funded defined-benefit plans, generally based on a plan's unfunded current liability.
The reason for this is that industry standards for these ratios generally have statements with the bank line of credit in the current liability section.
A liability will be classified as a current liability to the extent the item is expected to be paid within one year or the operating cycle.
Even if current assets were the same as defensive assets, the firm's current liability position on the balance sheet date would have to measure correctly its need for these assets.
So the current liability system isn't simply a problem for auditors--it's a problem for everyone.
This provision permits employers to transfer funds from defined benefit plans with assets in excess of 125% of current liability to pay for current retiree health benefits.

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