In accounting, current liabilities are often understood as all liabilities of the business that are to be settled in cash within the fiscal year or the operating cycle of a given firm, whichever period is longer. exampleÂ
Accounts payable.
Salaries payable.
Short-term debt payable.
Short-term notes payable.
Current lease liability
From the table above, current liabilities = creditors + accruals expenses. Hence we have;
7,940+323= 8,263