What are the Current assets and Current liabilities?

Hi to all,

Can anyone tell me about these two terms in brief.

Neharani Trainee Asked on October 30, 2014 in Accounting.
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3 Answer(s)

Hello,

Current Assets:  cash and  assets that are expected to be converted to cash within a year.

Current Liabilities: amounts due to be paid to creditors within 1 Year.

Priyanka Trainee Answered on October 30, 2014.
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Thanks Richard for providing me this information  and Welcome to Ask Finance

Neharani Trainee Answered on October 30, 2014.
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Current assets are things like cash and cash equivalents, accounts receivable and inventories. They are defined as anything that could be sold quickly to raise money. Current liabilities are what the company owes in short order mostly accounts payable and short-term debt.

Henry Brown Trainee Answered on October 30, 2014.
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