Liabilities
Liabilities are obligations that come due in the future. In other words, liabilities are either the financial rights or claims of creditors to organization's assets. Liabilities can also refer to a group of financial accounts that record those obligations.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
