Liabilities (redirected from Current liabilities)

Liabilities 

one of the two sides of a bookkeeping balance; the liabilities side describes the sources from which a socialist enterprise or organization derives its capital and characterizes the composition, designated purposes, and actual disposition of the capital.

The liabilities side of the balance consists of five principal sections. The sources of an enterprise’s own assets and equivalent assets are shown in section A. Section B lists bank credits for circulating capital for which norms are set. Section C indicates various bank credits, payments, and other liabilities. Section D indicates the sources of assets for capital construction, and section E records the financing of outlays for formation of the basic livestock herd.