Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 10 - Reporting and Analyzing Liabilities - Questions - Page 541: 1

Answer

Current liability is a debt that a company reasonably expects to pay from existing current assets or through the creation of other current liabilities.

Work Step by Step

The current liabilities are payable within one year or the operating cycle, whichever is longer.
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