Liabilities defined: Debts owed by a business, typically paid in cash when due

Examples: Accounts payable, income tax payable, dividends payable, accrued liabilities, long-term debt payable

Financial statement: Balance sheet


Learn accounting with the free app

Accounting Flashcards

Accounting Flashcards includes a translate button for English, Chinese, and Spanish.

Learn financial accounting using beautifully illustrated flashcards, coordinated lessons, and rich audio. Whether you are an aspiring CPA or IFRS expert, use this accountancy app to reach your goals. Even an aspiring chartered accountant or those reaching for the CPA Australia can benefit. Topics of accounting standards, equation, terms, ratios, and more are covered.


Get the PDF book here



« Back to Glossary Index