• Lifestyle

    What Are Liabilities?

    Understanding the Concept of Liabilities Liabilities are obligations or debts owed by an entity to another party that arise from past transactions or events. In other words, liabilities represent the amount of money or resources that a business owes to creditors or suppliers. These obligations can be short-term, such as accounts payable, or long-term, such as bonds payable. Liabilities are…

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