WHAT IS LIABILITY?

Answer Posted / deepak thuttagunta

liabilities are two types

current liabilities and liabilities current liabilities
means it should be paid with in one year means during the
financial year ex:short term loans and insurance and
salary's

current liabilities =current assets - working capital

liabilities = current assets - owners equity

liabilities means company is liable to others or debenture
holders or O.D and creditors

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