BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -"Income tax payable” refers specifically to an amount reported on financial statements: a liability reported in the current liabilities section of a company’s balance sheet that indicates the amount that an organization expects to pay in income taxes within 12 months.

Detailed explanation-2: -Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses. Liabilities can be contrasted with assets. Liabilities refer to things that you owe or have borrowed; assets are things that you own or are owed.

Detailed explanation-3: -Some of the non-financial liabilities are equity, taxes payable, warranty obligations, insurance contracts, etc. The liabilities of the business organization are also considered as the major classification of the balance sheet. It appears either under the asset or on the top of the left-hand side of the balance sheet.

Detailed explanation-4: -Liabilities can be classified into three categories: current, non-current and contingent.