In this video series, we explain basic concepts related to financial accounting. This fourth video explains the concept of liabilities. Every business needs money. Liabilities are obligations which are acquired during operations of business and have to be paid back. Examples include short term and long term debt (to fund assets or retire past loans), salaries payable to employees, money payable to suppliers (accounts payable), etc. other basic concepts, types of liabilities current and long term are explained in the video.
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