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:
- Accounts Payable
Materials and supplies acquired for the delivering of services
to the students, faculty, or staff of the College.
- 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.
- Deferred Revenue
Revenue that has been received, but is not yet earned.
- Other Liabilities
The current position of long term debt that is to be liquidated
within the current period.