Debts that are due in one year or less are classified as:

Name: Debts that are due in one year or less are classified as:
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Debts that are due in one year or less are considered as current liabilities. This is because they are expected to be paid off using current assets or through the operation of the business within the current fiscal year. Examples of current liabilities include accounts payable, salaries payable, and short-term loans.

Debts That Are Due in One Year or Less Are