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Friday, April 1, 2016

Define Liabilities

Any kind of obligation which bends a company or a business individual to settle is known as liabilities or a state of being legally responsible for anything especially an amount of money.
Liabilities are of two kinds:

Current/Short term liabilities are debts payable within one or less than one year.
Long-term liabilities are those debts that are payable in a longer period.

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