In my opinion and from what i read and understood, weighted average cost of capital is calculated for long term liabilities only such as long term debt, preferred share capital, and equity. Atleast for managing company finances, short time liability rates are considered to be low (neglibile). Long term debt, capital is needed for long term projects and not for short term requirements. 

cpa_punk wrote: Please help on this topic…I am stuck.. In calculating weighted average cost of capital, do you include “current liability” and “short term debt”? I use Becker and Wiley for main study sources. However, they have different indications…what does your study text indicate regarding this topic?.. any hints or explanation will be very very appreciated.