Current Liabilities

Amounts owed by a business to other organizations and indi­viduals that should be paid within one year from the balance-sheet date. These generally consist of trade creditors. *bills of exchange payable amounts owed to the group and related companies, taxation. social-security creditors, proposed divi­dends, accruals, deferred income. pay­ments received on the account, bank overdrafts, and short-term loans. Any long-term loans repayable within one year from the balance-sheet date should also be included. Current liabilities arc distinguished from long-term liabilities on the balance sheet.