Definitions for "Short-term liabilities"
Liabilities that must be paid off within a year.
Short-term liabilities are legal obligations of the state that arise upon the receipt of goods or services. In governmental fund type accounts, they are payable from current financial resources. In proprietary fund type accounts, short-term liabilities are payable within one year.
Money that must be paid in less than a year (12 months), including wages, short-term loans, taxes, credit card balances and long-term loans.