In accounting, liabilities are the payables, debts or obligations of a business to settle to another business or entity. Liabilities have two main categories:1. Current Liabilities
-these are payables or debts of a business which are short-term payables that needs to be paid or settled by the business within a year.Some Examples of Current LiabilitiesAccounts PayableInterest PayableIncome Tax PayableAccrued ExpensesShort-term loans2. Non-Current Liabilities
-these are payables or obligations of a business that are long-term liabilities that can be settle after a year or more than a year.Some Examples of Non-Current LiabilitiesBonds PayableLong-term Notes PayableDeferred Tax LiabilitiesMortgage Payable
Further topics about assets and liabilities
What is the opposite of assets
For related topics about accounting equation
Explanation: Dahil nagtataas na ang buwis sa bansa at naapektuhan ang mga prdukto at nagtataas na ng presyo.