Chapter 11, Problem 14DQ

To determine

Concept:

Current Liabilities:

Current liabilities are liabilities that are realizable within a period of one year or less. They represent business obligations and payments to be made by the organization in the next one year or less.

Examples of Current Liabilities include Trade Payables, Short terms debts, Expenses payable, Salaries payable etc.

These liabilities arise from the day to day operations of the business and some of these liabilities (example: expenses payable) relate to immediately preceding financial periods. These are known as accrued liabilities.

Accrued liabilities of Google on December 31, 2017.