OTHER CURRENT LIABILITIES Definition

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

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ACCRUED INCOME is income earned during a fiscal period but not paid by the end of the period.

CURRENT PORTION OF LONG-TERM DEBT is only that portion of long-term obligations (payable in more than one year) which are owed and payable in the current year; e.g. the portion of a five-year loan or lease that is due in the current calendar/fiscal year.

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