What are liabilities in finance?
  • November 18, 2025 6:45 am
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In finance, a liability is an obligation to another party, typically a sum of money owed Accounting Services Buffalo require a future transfer of economic benefits like money, goods, or services. Liabilities are often categorized as either current (due within 12 months) or long-term (due beyond 12 months) and are a crucial part of a company’s balance sheet, representing its financial obligations and claims against its assets.

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