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Answer Posted / deepak kumar sharma
Liability means- : company's legal debts or obligations
that arise during the course of business operations.
It include loans, accounts payable, mortgages, deferred
revenues and accrued expenses and always show in balance
sheet (right side)
liabilites are diviede into two parts,
1 Current liabilty
2 Long Liabilty
Current liabilities means those debts payable within one
year while long-term liabilities are debts payable over a
longer period.
A balance sheet item which equals the sum of all money owed
by a company and due within one year. also called payables
or current debt.
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