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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PROOF OF POSTING (POP) is: a. to prove by acceptable methods the accuracy of any posts made within accounting ledgers; or b. details confirming the shipment of mail with a postal organization.

RECURRING ENTRY is a scheduled accounting entry that occurs consistently as to date and amount, e.g. a monthly lease payment.

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