Question

Liabilities that will be due within a short time (usually one year or less) and that are to be paid out of current assets are called ______________________

Answer 1

Current liabilities are liabilities that will be due within a short time and are to be paid out of current assets.

Step-by-step explanation:

The liabilities that will be due within a short time (usually one year or less) and that are to be paid out of current assets are called current liabilities. These include obligations such as accounts payable, accrued expenses, and short-term loans.