What's exactly Liabilities in Financial Accounting?
Economics - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Liabilities are basically like debts that the business owes to another person or business. For example a loan the business has to pay back to the bank is a liability.
Answer 2 :
Debts
Answer 3 :
It's debts of the business- anything that you are liabable to pay E.g Loans Items on Hire Purchase Business vechicle on finance goods obtained on credit When I was studying accounting i always found this useful DEAD CLIC Debit Expenses Assets Drawings Credit Liability Income Capital
Answer 4 :
Liabilities in a lay man's language refer to the money which they are liable to pay to the owners of that money.
Answer 5 :
Liabilities=assists-owners equity
Read more other entries :
