LIABILITIES

LIABILITIES:

‐‐ amounts owed by a company to others. Current liabilities are those amounts due within one year or less and usually include accounts payable, accruals, loans due to be paid within a year, taxes due within a year, and so on. Long‐term liabilities normally include the amounts of mortgages, bonds, and long‐term loans that are due more than a year in the future.