Question

What are the main classes of liabilities?​

Answer 1

Liabilities can be broken down into two main categories: current and noncurrent. Current liabilities are short-term debts that you pay within a year. Types of current liabilities include employee wages, utilities, supplies, and invoices.

Answer 2

Answer:

A liability is something a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services. ... In general, a liability is an obligation between one party and another not yet completed or paid for.

There are three primary types of liabilities: current, non-current, and contingent liabilities. Liabilities are legal obligations or debt. ... In the event of a liquidation, senior debt is paid out first owed to another person or company. In other words, liabilities are future sacrifices of economic benefits.

Explanation:

I hope it will help u ✌️

Mention me brainliest