Liabilities are the obligations or debts that a business must pay in cash or goods and services at some future time as a consequence of past transactions or events.
Borrowing of any kind from individuals or banks to improve their short-term or long-term payable business or personal income.
fulfilled by future transfer or use of property, provision of services, or other transaction of economic interest upon the occurrence of a specified event, or upon demand, at a specified or determinable time; duty or liability to any person;
An obligation or liability that obliges an entity to another entity and leaves that party with little or no discretion to avoid resolution. and
events that commit a transaction or entity that has already occurred.
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