Future sacrifices of Assets that the Business is obliged to make to other entities as a result of past transactions or other past events,
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 Liabilities (which have to be settled within the Accounting Period ) and Long-Term Liabilities (which are due at a longer than Accounting Period time).
Business / Business Administration / Financial Management / Financial Accounting
[ Current Liabilities ][ Long-Term Liabilities ]