Liabilities
Amounts a person or business owes or may be required to pay, including loans, taxes, trade debts, guarantees and other obligations.
Related terms
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Liability
A legal or financial obligation to pay money, compensate another party or meet another duty.
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Assets
Things of value owned by a person or business, such as cash, property, vehicles, equipment, investments or money owed by customers.
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Balance sheet
A snapshot of a business’s assets, liabilities and equity at a particular date. It helps show the financial position, not just cash in the bank.
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