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the settlement of which may result in the transfer or use of asset, provision of services or other yielding of economic benefits in the future.
In terms of Financial Accounting the Liability is a deferred expenses.
All Liabilities of the Business are divided into Current Liability (which have to be settled within the Accounting Period ) and Long-Term Liabilities (which are due at a longer than Accounting Period time).
See also
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Business / Business Administration / Financial Management / Financial Accounting
[ Current Liability ][ Long-Term Liabilities ]