Current Liabilities
A payment that a company must make within 12 months.
• A current liability can be defined in one of two ways: (1) all liabilities of the business that are to be settled in cash within a firm’s fiscal year or operating cycle, or (2) all liabilities of the business that are to be settled by current assets or by the creation of new current liabilities.
• Common characteristics of liabilities are (1) borrowed funds for use that must be repaid, (2) a duty to another party that involves the payment of an economic benefit, (3) a duty that obligates the entity to another without avoiding settlement, and (4) a past transaction that obligates the entity.
• Current liabilities are many times not “current” and are actually past due. For example, accounts payable are due within 30 days and are typically paid within 30 days. However, they do often run past 30 days in some situations.
[https://dictionary.cambridge.org/ru/%D1%81%D0%BB%D0%BE%D0%B2%D0%B0%D1%80%D1%8C/%D0%B0%D0%BD%D0%B3%D0%BB%D0%B8%D0%B9%D1%81%D0%BA%D0%B8%D0%B9/income-statement?q=Income+Statement]
https://courses.lumenlearning.com/boundless-accounting/chapter/current-liabilities/
https://fmwww.bc.edu/ec-p/wp636.pdf