Discussion 1 Week 4
AWhat is a current liability?
According to our textbook current liabilities are “obligations that must be settled within 1 year or the operating cycle, whichever is longer”(principles of accounting, 2012). Current liabilities are the opposite of current assets. Current liabilities include accounts payable, short term notes payable, income tax payable, accrued expenses, and portion of long term debt payable.
From the perspective of a user of financial statements, why do you believe current
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