What are LIABILITIES

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💥Accounting Cheat Sheets → https://accountingstuff.com/shop • 🖊Accounting Practice Questions → https://accountingstuff.com/practice-... • What are Liabilities? Liabilities are a business' obligations to third parties that require a sacrifice of economic benefit in the future. A business owes liabilities to third parties and Equity back to its owners. Together these represent one half of the balance sheet. With Assets on the other side. • Liabilities can be Current or Non-Current. Current Liabilities are short-term liabilities. These are a business's obligations that need to be settled within one year. Non-Current Liabilities are long-term liabilities that aren’t expected to be settled within 1 year. • 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel • 🔎FAQ • ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m • 🎬LEARN ACCOUNTING BASICS FOR FREE • ▪ The Full Playlist → • ACCOUNTING BASICS for Beginners (Whol... • 🔝 CLOUD ACCOUNTING SOFTWARE • ▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → http://geni.us/jA9N • ▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → https://geni.us/bNN7 • ▪ Xero (FREE TRIAL) → https://xeroamericas.grsm.io/ck90eoq1... • 🚶FOLLOW ME ON • ▪ TikTok → / accounting_stuff • ▪ Facebook → / thisisaccountingstuff • ▪ Insta → / accountingstuff • ________________________ • DISCLAIMER • Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! • ________________________ • #Shorts #accountingstuff

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