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What is liability? Mention its types …

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What is liability? Mention its types and explain.

Posted by Divyaang Gupta 5 years, 6 months ago

CBSE > Class 11 > Accountancy

5 answers

Sheetal Kaushik 5 years, 5 months ago

liability means benefits will be given in future types : current , non- current and contingent

Ishu Sharma 5 years, 6 months ago

Current: obligations which are payable witin 12 months or within the operating cycle of a business . Non-current: these are long term obligations of a business and are not payable within a year or an accounting period. Contingent: those liabilities that may or may not be incurred by a business depending on the outcome of a future occurance.

Ishu Sharma 5 years, 6 months ago

There are 3 primary types of liability: current, non-current and contingent liability

Ishu Sharma 5 years, 6 months ago

There are 3 primary types of liability: current , non-current and contingent liability

Ishu Sharma 5 years, 6 months ago

Liability is something a person or company owes, usually a sum of money.. recorded on the right side of balance sheet . It includes loans, accounts payable, earned premiums, accured expenses etc.

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