What is CURRENT LIABILITIES?

Any LIABILITY contract on the corporate balance sheet with a final maturity of less than one year. Common current liabilities include COMMERCIALPAPER, shortterm NOTES, REPURCHASE AGREEMENTS, DEPOSITS, ACCOUNTS PAYABLE, and the current portion of medium and longterm debt; certain deferred taxes and charges may also be included as current liabilities. See also CURRENT ASSETS, CURRENT RATIO.

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