Current Liabilities are designated obligations that are to be liquidated during the current operating cycle and by using current assets. The College recognizes the following current liabilities:

1. Accounts Payable
   
   Materials and supplies acquired for the delivering of services to the students, faculty, or staff of the College.
   
   
2. Salary, Wages, and Fringe Benefits
   
   The accrual of salaries, wages and fringe benefits that have been earned in one period and paid in the next.
   
   
3. Deferred Revenue
   
   Revenue that has been received, but is not yet earned.
   
   
4. Other Liabilities
   
   The current position of long term debt that is to be liquidated within the current period.

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