Which of the following items is a current liability?

A.

Stock of raw material

B.

Cash in hand

C.

Bills payable

D.

Cash at bank

View answer & explanation

Correct answer is C

Current liabilities are amounts due to be paid to creditors within twelve months. 

The following are common examples of current liabilities:

  • Accounts payable. These are the trade payables due to suppliers, usually as evidenced by supplier invoices.
  • Sales taxes payable. 
  • Payroll taxes payable.
  • Income taxes payable.
  • Interest payable.
  • Bank account overdrafts.
  • Accrued expenses. 
  • Customer deposits.

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