Asked by Hussain Khudair on May 26, 2024
Verified
Current liabilities are obligations that the company is to pay within the coming year.
Current Liabilities
Short-term financial obligations that are due within one year or within the current business cycle, whichever is longer.
Obligations
Responsibilities or duties to fulfill terms of contracts, loans, and legal agreements.
- Identify the criteria and examples of current liabilities.
Verified Answer
NH
Nathan HerreraMay 29, 2024
Final Answer :
True
Explanation :
Current liabilities are short-term debts that the company must pay off within one year. Examples include accounts payable, accrued expenses, and short-term loans.
Learning Objectives
- Identify the criteria and examples of current liabilities.
Related questions
Accrued Revenues Are Ordinarily Listed on the Balance Sheet as ...
Liabilities That Will Be Due Within One Year or Less ...
Accrued Expenses Are Ordinarily Listed on the Balance Sheet as ...
Which of the Following Statements Is True ...
While Short-Term Notes Are Generally Repayable in Full at Maturity ...