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English definition of “current liability”

current liability

noun [usually plural]    
FINANCE a payment that a company must make within 12 months: If a company has current assets of $4 and current liabilities of $2, then its working capital is $2. You work out a company's liquidity by dividing its current assets by its current liabilities.
(Definition of current liability noun from the Cambridge Business English Dictionary © Cambridge University Press)
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