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Accounting
Updated: 9/29/2020
Accounting
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Storyboard Text

  • DO you know what is liabilities in accounting?
  • I don't know what are liabilities.
  • lets ask sir.he will be knowing what Is liabilities in accounting terminologies
  • A current liability is a potential loss that may occur in the future depending on the outcome of a specific event. liability is a contingent liability A s
  • ok we will
  • sir do you know what are liabilities ?
  • Liabilities are something a person or company owes, usually a sum of money.
  • There are two types of Liabilities-i)Current Liabilities ii)Contingent Liabilities
  • Current liabilities are a company's short-term financial obligations that are due within one year or within a normal operating cycle
  • Sir can you give an example.
  • An example of a current liability is money owed to suppliers in the form of accounts payabl
  • Potential lawsuits, product warranties, and pending investigation are some examples of contingent liability.
  • OH! Now I understood what are liabilities. Thank you so much sir
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