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Current liabilities are the obligations of the firm that are expected to be paid off in the operating cycle or within one year of the business. It is most likely that current liabilities require cash outflows for settlement. The accounts that are included in current liabilities are accounts payable, notes payable, accrued expenses etc. These are short term obligations. Current liabilities soften arise in the course of business; the most common example is when the firm purchases materials on credit. It is normal to have current liabilities but they must be accompanied by a comparable level of current assets like cash to ensure that they can be paid off.
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