In accounting, accounts payable are the obligations of the business to pay its credit to where she creditted. Since it is an accountability to pay something you have borrowed or creditted, it is classified as a liability.
To know more about assets and liabilities, just continue on reading below.Assets
In accounting, assets are the resources that a company owns and has monetary value.Two types of asset:Current asset - assets that are usable or convertible to cash within a year or operating cycle of a business.Non-current asset - assets that can't be used or converted to cash within a year or operating cycle of a business.Examples of current asset:Cash and cash of non-current asset:LandEquipment/MachinesIntangible assetsLiabilities
In accounting, liabilities are the resources that a company owes to another business or people.Two types of liabilities:Current liabilities - accountabilities that must be paid or dealt within a year or operating cycle of a business.Non-current liabilities - accountabilities that must be paid but not within a year or operating cycle of a business.Examples of current liabilities:Accounts PayableNotes PayableUnearned RevenuesExamples of non-current liabilities:Mortgage PayableBonds Payable
In accounting, liabilites are the resources that a company owes to another business or people.
Unearned revenue is categorized as a liability because you have already received the payment while not yet giving the product or services.
it means that if you did not correct the mistake you made, or you did not do anything to correct or admit your mistake, it is a mistake itself of not correcting your wrong.
credits to: Jiujee (thanks)
Among those countries, Japan's age dependency ratio increased the most. consequences: Saving rates: As workers get close to retirement, they tend to increase their savings through pension plans, healthcare insurance, etc. ... Thus, recent demographic changes could affect saving rates and long-term interest rates.