what are liabilities? (simple explanation)

in this accounting lesson, i gave simple and detailed explanation on liability and its classification.

What are liabilities? (simple explanation) video provides definition of liability according to the framework and IAS 37 . they important keywords in the definition are broken down for proper understanding.

The common classification of liabilities are also mentioned as well as the two elements therein ( current liabilities and non current liabilities)

Also one common type of liabilities are also discoursed in the video. this is a contingent liabilities