OTHER CURRENT LIABILITIES Definition

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OTHER CURRENT LIABILITIES includes any other current liabilities, including bank overdrafts and accrued expenses.

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BALANCE SHEET is an itemized statement that lists the total assets and the total liabilities of a given business to portray its net worth at a given moment of time. The amounts shown on a balance sheet are generally the historic cost of items and not their current values.

CORRECTING ENTRY, a type of ADJUSTING ENTRY, is required at the end of an accounting period if a mistake was made in the accounting records during the period. See REVERSING ENTRY.

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