Also known as Current Debt or Current Liabilities. These are obligations which the business must meet within one year, or less, of the date of a financial statement. Short-Term Liabilities will appear on the business balance sheet and include accounts payable, short-term debt, accrued liabilities and any other debt which is payable within the current calendar or financial year. Usually a business will need to cash-in Short-Term Assets in order to pay off Short-Term Liabilities.