Explain how to account for liabilities, including contingent
liabilities. Provide and example of each.
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Accounting
Explain how to account for liabilities, including contingentliabilities. Provide and example of each.
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Liabilities are shown on the right side of the balance sheet like accounts payable loans etc And liabilities are having credit balance Liabilities are of two types 1 Short term liabilities 2 Long term liabilities Short time liabilities are those liabilities which are to be settled or payable within 1 year And long term liabilities
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