Question

1. Write a short note on liabilities

Answer 1

Explanation:

Liabilities Defined

Short-term liabilities are financial obligations that become due within a year, while long-term liabilities are due in a year or longer. ... Liabilities are reported on a company's balance sheet along with its assets and owners' equity.

Answer 2

Answer:

Liabilities are also known as current or non-current depending on the context. They can include a future service owed to others; short- or long-term borrowing from banks, individuals, or other entities; or a previous transaction that has created an unsettled obligation.

Explanation:

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