Current Liabilities: Current liabilities are obligations that a company expects to pay within one year or the normal operating cycle, whichever is longer, such as accounts payable, accrued expenses, and the current portion of long-term debt.
Accrued Expenses: Accrued expenses are liabilities that have been incurred but not yet paid, such as wages, utilities, and interest. They represent costs that have been recognized but not yet recorded in the accounting system.
Short-Term Notes Payable: Short-term notes payable are current liabilities that represent the principal amount of loans or other debt instruments that are due within one year or the normal operating cycle.