Current Liabilities refer to debts and obligations of a company (what a company owes to its creditors and suppliers) that are due within the fiscal year. Current liabilities include short term loans, dividends and interest payable, accounts payable, accrued expenses, income tax payable...
Current liabilities can be found on a company's balance sheet; they are the opposite of current assets.
Firm's debts and obligations, like loans and mortgages that are payable in a period that exceeds one year are called long-term liabilities and are not included in the current liabilities. However, a portion of the long-term debt that is due within the current year may be counted as a current liability.
