Question

What liabilities does the business have after all transactions have been recorded?

Answer 1

The business have  current liabilities and non current liabilities after all transactions have been recorded. Current liabilities include the balance of the wages, interest and dividend payable. However non current liabilities include long term debts.

A liability is an obligation between one party and another which has not been yet completed or paid for.

A financial liability is also an obligation but it  is better defined by  the previous business transactions, events, sales, exchange of assets or services, or anything that would provide economic benefit at a later date.

Liabilities are considered as  short term or long term. They are also known as current or non-current depending on the context. They can include a future service owed to others which includes short or long term borrowing from banks, individuals or other entities .  Most companies will have these two line items on their balance sheet, as they are part of ongoing current and long-term.

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