Archive | Liabilities

Liabilities: Meaning, Characteristics and Measurement

In this article we will discuss about Liabilities:- 1. Meaning and Nature of Liabilities 2. Characteristics of Liabilities 3. Measurement 4. Classification 5. Equity and Liabilities. Meaning and Nature of Liabilities: Liabilities may he defined as currently existing obligations which a business enterprise intends to meet at some time in future. Such obligations arise from legal or managerial considerations and [...]

By |2016-06-18T07:01:38+00:00June 18, 2016|Liabilities|Comments Off on Liabilities: Meaning, Characteristics and Measurement
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Classification of Current Liabilities: 6 Types

The following points highlight the six main types of current liabilities. The types are: 1. Accounts Payable 2. Bills (Notes) Payable 3. Interest Payable 4. Wages and Salary Payable 5. Current Portion of Long-Term Debt 6. Advance from Customers. Current Liabilities: Type # 1. Accounts Payable: Trade accounts payable are debts owed to trade creditors. They normally arise from the [...]

By |2016-06-18T07:01:38+00:00June 18, 2016|Liabilities|Comments Off on Classification of Current Liabilities: 6 Types
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