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What are liabilities |
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Answer» These are those goods and services which the person dept and promised it to pay or return it in a fixed duration of time. The money or goods taken from anyone on credit is called liability 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. |
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