Debts you must pay within a year. Includes cash owing for merchandise that the business has received, but has not yet paid for. This often occurs when a company receives merchandise during the third week of the month and does not pay for it until it pays all of its bills on the first day of the next month. Also called current liabilities.
Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)