Current liabilities: Obligations due in one year or less
Examples:
Accounts payable: Cash owed to others
Income tax payable: Tax owed to government
Dividends payable: Dividends owed to shareholders
Accrued liabilities: Expenses incurred, not recorded
Current portion of long-term debt: Portion of debt due in less than a year
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Recommended Tools
One of your top priorities as a small business owner is keeping a close eye on the money you bring in and pay out, which is why it’s critical to have the right accounting software. You need a program that helps you accomplish your daily accounting tasks. Here are our best picks for tools we recommend and use.
