Liabilities are reported on the balance sheet.
A liability is something which a person or any company owes, usually a sum of money. Liabilities are settled over time by the transfer of economic benefits i which includes money, goods, or services.
It is recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, bonds , deferred revenues, warranties, and accrued expenses.
Liabilities can also be contrasted with assets. Liabilities refer to the things that you owe or have borrowed.
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