Define the term - liabilitiesliabilities are debts owed by, Ask an Expert

Accounting

Define the term - LIABILITIES

Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit. Name of the account used is Accounts Payable.

Another kind of liability is Notes Payable. This is a formal written promise to pay a particular amount of money at a definite future date.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9583230

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