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Example of liability

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Example of liability

Posted by Muskan Soni 4 years ago

CBSE > Class 12 > Accountancy

3 answers

Nishu Dahiya 4 years ago

Creditors Bank overdraft Outstanding expenses Advance received Loan borrowed Debentures issued

Muskan Arora 4 years ago

Creditors, outstanding expenses

Yogita Ingle 4 years ago

The economic value of an obligation or debt that is payable by the enterprise to other establishment or individual is referred to liability. To put it in other words, liabilities are the obligations that are rising out of previous transactions, which is payable by the enterprise, through the assets possessed by the enterprise.

Example: Accounts payable, Interest payable, Deferred revenue etc.

ANSWER

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CBSE > Class 12 > Accountancy

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