BANKING AFFAIRS

Detailed explanation-1: -Liabilities are a company’s financial obligations, like the money a business owes its suppliers, wages payable and loans owing, which can be found on a business’s balance sheet.

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: -A company’s obligation to pay money to other people or businesses in the future is called a liability.