Material Detail

Liabilities are defined as debts owed to other companies. In a sense, a liability is a creditor's claim on a company' assets. In other words, the creditor has the right to confiscate assets from a company if the company doesn't pay it debts.

Contents:

1 What is a Liability Account? – Definition 2 Types of Liability Accounts – Examples

2.1 Current Liabilities 2.2 Non-current Liabilities

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