Business and Personal Finance Dictionary

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• CURRENT LIABILITIES
  
  The group of liabilities considered to be the shortest term. Usually comprises accounts payable, short-term bank debt, bank overdrafts, other short-term accounts or notes payable, current portion of long-term debt, and a few minor items. The subgrouping of liabilities into current and long-term categories is common for all financial statements except for firms in the financial industry.
  
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