Sec. 197.5. Current liabilities  


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  • Current liabilities are those obligations the amount of which is definitely determined or closely estimated which are either matured at the date of the balance sheet or become due within a year from date of issuance or assumption or upon demand, except bonds, which shall be classed as long term debt (see section 196.1[a][20] of this Title), regardless of the period for which they are to run.