CURRENT LIABILITIES, a financial and accounting term used to designate short-term obligations; i.e., obligations which mature within a period of one year. This classification of accounts normally includes such items as accounts payable, notes payable, acceptances payable, accrued interest payable, salaries and wages accrued, and other items of like character. In the preparation of a balance sheet, it is customary to segregate current liabilities and list them first in the liability section so that prospective creditors may more readily determine the relation of current liabilities to current assets (q.v.).