Accounting
Instructions
In this unit, you examine different types of liabilities. For this assignment, compose an essay that answers the following questions:What are three main characteristics of liabilities, and why is it important to classify liabilities into short-term and long-term? Include examples of short and long-term liabilities in your response.Your essay must be at least one page in length. Be sure to include an introduction that gives the purpose of your essay and engages the reader. You must use at least your textbook as a reference, but you may use other resources as needed. Any information from a resource must be cited and referenced in APA style, and your essay should be formatted in accordance with APA guidelines.
Answer
Accounting Liabilities Liabilities are a significant component of the statement of financial position. They represent what a company owes and its payable economic benefits. Therefore, it is paramount to have a deeper understanding of liabilities, their classifications, distinguishing features, and relevance of such classifications.One of the characteristics of liability is that it is a responsibility to others or a duty that requires settlement. It can be settled through the provision of a service, use of an asset, or money. Liability is also a form of borrowing for a personal income or business that is payable in the short term or long term. Another feature is that it is a responsibility obligated to another, which leaves very little or no room for non-settlement (Shekhar, 2018). Liabilit...
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