Current liabilities are short-term obligations that will be paid within the current operating cycle of the business or within two years of the statement of ﬁnancial position date, whichever is longer.

Question

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Current liabilities are short-term obligations that are expected to be paid within one year of the statement of financial position date or within the entity's normal operating cycle, whichever is longer.

Current Liabilities Are Short-Term Obligations That Will Be Paid Within