CURRENT LIABILITIES Definition

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

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COO is an acronym for Chief Operating Officer. The COO is responsible for the day-to-day management of a company. The COO usually reports to the CEO.

GRACE PERIOD is the period of time between your statement date and the due date, i.e. it is the time period stipulated in most loan contracts and insurance policies during which a late payment will not result in penalties, default or cancellation.

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