Current liabilities are amounts owed by a business to other organizations and individuals that should be paid within one year from the balance-sheet date, including trade creditors, bills of exchange payable, and short-term loans.
Trade creditors refer to suppliers or vendors to whom a business owes money for goods or services delivered but not yet paid for. These obligations are part of trade payables on a company's balance sheet.
Trade payables represent the amounts a business owes to its suppliers for goods and services received but not yet paid for. They are recorded as current liabilities on the balance sheet.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.