Question

what is liabilities And its further classifications​

Answer 1

Answer:

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:

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Answer 2

Answer:

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