Question

types of liabilities.....explain ​

Answer 1

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Examples of current liabilities:

Accounts payable. Accounts payables are expected to be to be paid off within a year's time, or within one operating cycle (whichever is longer). ...Interest payable.Income taxes payable.Bills payable.Bank account overdrafts.Accrued expenses.Short-term loans.

Answer 2

Classification of Liabilities

There are three main classifications of liabilities:

1)Current liabilities (short-term liabilities) are liabilities that are due and payable within one year.

2) Non-current liabilities (long-term liabilities) are liabilities that are due after a year or more.

3)Contingent liabilities are liabilities that may or may not arise depending on a certain event.