What are Liabilities?

👉 Confused by accounting? Download this free cheat sheet: https://accountingstuff.com Liabilities are debts or obligations a business owes to external parties. Things that require the sacrifice of an economic resource in the future. You can find them on the right side of the Balance Sheet, because they represent what a business owes. Just like Assets, Liabilities can be split into two groups: 👉 Current Liabilities 👉 Non-Current Liabilities 🔴 Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/accountingstuff #accounting #liabilities #bookkeeping