Question

Liabilities in Accounting is an account in which the company maintains all its records like such as debts, obligations, payable income taxes, customer deposits, wages payable, expenses occurred. ... Some of theexamples of Liabilities are Accounts payable, Expenses payable, Salaries payable, Interest payable.odia meaning? ​

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Home » Accounting Tutorials » Liabilities in Accounting » Liabilities in Accounting

Liabilities in Accounting

Liabilities Meaning

Liabilities in Accounting are the financial obligation of the company as a result of any past events which are legally binding on it to be payable to the other entity, settling of which requires an outflow of the different valuable resources of the company and these are shown in the balance of the company.

Liabilities is an account in which the company maintains all its records like such as debts, obligations, payable income taxes, customer deposits, wages payable, expenses occurred. Liability accounts will normally have a credit balance.

Liabilities Accounting

Liability is an obligation, that is legal to pay like debt or the money to pay for the services or the goods utilized. They are settled over a particular period.

Some of the examples of Liabilities are Accounts payable, Expenses payable, Salaries Payable, Interest payable. The opposite word of the liability is an Asset.

For a bank, accounting liabilities include Savings account, current account, fixed deposit, recurring deposit, and any other kinds of deposit made by the customer. These accounts are like the money to be paid to the customer on the demand of the customer instantly or over a particular period of time. These accounts for an individual are referred to as the Assets.

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Answer 2

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Liabilities in Accounting are the financial obligation of the company as a result of any past events which are legally binding on it to be payable to the other entity, settling of which requires an outflow of the different valuable resources of the company and these are shown in the balance of the company.