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What are Liabilities? - Accounts

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Question

What are Liabilities?

Very Short Answer
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Solution

Liabilities are a reference to the total amount of money that the company is obligated to pay to others outside of it (with the exception of the amount that is owing to the owners).

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Chapter 15: Project Work - PROJECT WORK PROBLEMS [Page P-13]

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D. K. Goel Accountancy Volume 1 and 2 [English] Class 12 ISC
Chapter 15 Project Work
PROJECT WORK PROBLEMS | Q 2. | Page P-13
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