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The Liability account this is obligate for other, source of money, or also can said from where money came.
and company liabilities is two kind liabilities for company owner's this called owner's equity , and liabilities for other and this come to kind , accrued in next 12 month called current liabilities , accrued after more 12 month called non current liabilities or long term liabilities
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It's the account that collects the amount which is you have to provide the service because its a responsibility of the company such as a ticket plane after you pay the amount still their responsibility to provide the services.
A liability account is the amount owed to creditors for a past period transaction , also it is an account tracks how much a business's owes a creditor
It tracks towed to9 for example banks.vendors
Accounting statement which tracks how much a person or business owes a creditor. The liability account tracks debts owed to banks, vendors, employees and any other creditor who had not yet been paid for products or services received.
A liability account is a general ledger account in which a company records its debt, obligations, customer deposits,customer prepayments, certain deferred income taxes, etc.
A liability account is a general ledger account in which a company records its debt, obligations, customer deposits and customer prepayments, certain deferred income taxes, etc. that are the result of a past transaction. ... The company with the liability account for the debt or payables is known as the debtor.
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