Liabilities Definition - What are Liabilities?

Liabilities definition, defining the term liabilities and discussing key points in the definition. Most have an idea what a liability is but looking up the definition in a glossary and reviewing the wording of the definition can often give more insights into the meaning of the word liabilities. Most know liabilities include a future payment but it is important that this future payment may be something other than and that a liability is a result of a past transaction, meaning something in the past must have happened to make the liability that is owed in the future. Liabilities – Creditor’s claims on an organization’s assets; involves a probable future payment of assets, products, or services that a company is obligated to make due to past transactions or events.
Why Learn Accounting - Financial Accounting / Managerial Accounting
101 Double Entry Accounting System Explained - Accounting Equation
101 Cash vs Accrual - Cash Method / Accrual method differenc
101 Revenue Recognition Principle
Double Entry Accounting System Explained - Balance Sheet
101 Income Statement Introduction
101 Accounting Objectives - Relevance Reliability Comparability
101 Transaction Rules - Accounting Equation
101 Transaction Throught Process / Steps - Accounting Equation
101 Owner Deposits Cash Transaction Accounting Equation
101 Work Completed for Cash Transaction Accounting Equation
100.110 Pay Employee with Cash Transaction Accounting Equati
200 Debits & Credits Normal Balance - Double Entry Accounting Sy
200 Debits & Credits - One Rule to Rule Them All