Definitions for "Current Liability"
Liability that is expected to be paid in less than a year.
All short-term debt included on the balance sheet, including that portion of long-term debt which will be payable within one accounting period, usually one year.
Cash obligations due within the current business cycle (or one year), including accounts payable, short-term notes and accrued expenses.
Keywords:  months, less, debt, due
A debt due in less than 12 months.