KNOW SOME IMPORTANT ACCOUNTING TERMS
CURRENT ASSETS:
Current assets are cash and other assets expected to be converted into cash, sold or consumed either in one year, or in the operating cycle, whichever is longer.
CURRENT LIABILITIES
Current Liabilities are amounts owing by a business to its creditors, that are reasonably expected to be paid or liquidated either through the use of current assets or through the creation of other current liabilities.
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