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Denijah Johnson
on Oct 28, 2024

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A current liability is created when a customer pays cash for services to be provided in the future.

Current Liability

A company's debts or obligations that are due within one year or within the normal operating cycle of the business.

Cash

Liquid currency and assets that can be readily converted to known amounts of cash.

Services

Economic activities offered by one party to another, often involving professional skill, advice, or the performance of tasks in exchange for compensation.

  • Ascertain how different transactions influence current liabilities and assets.
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Krushnapriya MallikOct 30, 2024
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