Question

write the 5 liabilities name​

Answer 1

Answer:

There are three primary types of liabilities: current, non-current, and contingent liabilities. Liabilities are legal obligations or debt owed to another person or company. In other words, liabilities are future sacrifices of economic benefits that an entity is required to make to other entities due to past events or past transactions.These are the three main classifications of liabilities:

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

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

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

Answer 2

ANSWER :

❖ Five names of items appear in the Liabilities side of a Balance Sheet are :-

• [1] Capital

• [2] Long term Loans
• [3] Unearned Income

• [4] Outstanding Expenses

• [5] Sundry Creditors

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EXPLORE MORE :

❒ Liability :-

• ➬ Liability is the amount that a firm is required to pay in future. It is a monetary obligation of the business entity for any future date.

• ➬ While preparing the final accounts of a business entity, the various liabilities are shown in the left hand side of the Balance Sheet which is known as Liabilities Side.

❒ There are generally three types of Liabilities. These are :-

• ➬ Current Liabilities

• ➬ Fixed Liabilities or Long term Liabilities

• ➬ Contingent Liabilities

❒ Example of Liabilities :-

• ➬ Bank overdraft

• ➬ Bills payable

• ➬ Creditors

• ➬ Short term and long term loans

• ➬ Debentures etc.