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Tag: non-current liability

What are Liabilities?

What are Liabilities?

Liabilities refer to the amount that remains unpaid by the business on the given date or in other words we can say liability is the amount that is owed by the business to an outsider where an outsider can be the creditor, lenders, employees etc.  Liabilities arise from any past transactions such as transaction of goods purchased on credit, borrowing of money etc. Explanation with Example Basically, Liability the financial obligations of the business entity.  The amount that reflects as…

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