Liabilities Homework Help

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Being a student of financial accounting, it increases the trouble of the students to complete their assignments. Liabilities are an important term of financial accounting. A liability is a part of balance sheet of the company which is an important part of the financial statement of any entity or organization. Liabilities homework needs a lot of concentration, skills and detailed study i.e., why a lot of students faces difficulty and requires help in completing their homework’s and assignments, so liabilities assignment help is there for your help.

Meaning Of Liability

Liability means the policy in a financial accounting which defines the share that an organization or entity will have to pay from the future profits or benefits to the other individual or organization because of the past events and transactions. Some of the common examples of liabilities are customer deposits, unearned revenues, income tax payable, interest payable, salary outstanding, notes payable, bank overdraft, accounts payable, etc.

Liabilities Are Subdivided Into Two Categories

• Current liability or short term liability-

A debt that has to be paid back in less than a year is termed as current liability or short term liability. Accounts payable, income tax payable, wages outstanding are some of the common examples.

• Fixed liability or long term liability-

Obligation payable at a future period more than 12 months is termed as long term liability or fixed liability. Notes payables, bank loans etc are some of its common examples.

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