Current liabilities are

A) due and receivable within one year
B) due and to be paid out of current assets within one year
C) due, but not payable for more than one year
D) payable if a possible subsequent event occurs

Current Liabilities

Obligations or debts due within one year or within the normal operating cycle of a business, whichever is longer.

Current Assets

Resources anticipated to become cash, be sold, or be used up either within a year or over the course of the company’s operating cycle, depending on which timeframe is more extended.

Subsequent Event

Events occurring after the balance sheet date but before the financial statements are issued or available to be issued, which may affect the readers' understanding.