CURRENT LIABILITIES Definition

CURRENT LIABILITIES are liabilities to be paid within one year of the balance sheet date.

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MONITOR, generally, is to keep tabs on; keep an eye on; or, keep under surveillance. In business, it is a person or firm appointed to review and report on, without controlling or approving, the day-to-day transactions of a business. Particulars of the engagement are usually set out in an exchange of letters, an agreement or court order.

OPERATING REVENUE is that revenue realized from the day-to-day operations of the entity, e.g., sales revenue.

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