Accounting Manager Question:
What is liabilities and what all does include in current liabilities?
Answer:
Liability can be defined as an obligation towards another company or party. It may consist of delivering goods, rendering services or paying money. They are the opposite of assets, and it may include
☛ Account payable
☛ Interest and dividend payable
☛ Bonds payable
☛ Consumer deposits
☛ Reserves for federal taxes
☛ Short term loans
☛ Account payable
☛ Interest and dividend payable
☛ Bonds payable
☛ Consumer deposits
☛ Reserves for federal taxes
☛ Short term loans
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