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Time to Know More about the Basic Types of Liabilities

If you run a business, you may take the help of an accountant to settle all your money-related matters. During the annual accounting, you may have heard of liabilities. Liability is simply defined as an obligation in the form of money or other commodities between two parties. There are two types of liabilities; Current and Non-current liabilities.<br>To know more, please visit: https://digitallyaccountants.co.uk/

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Time to Know More about the Basic Types of Liabilities

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  1. Time to Know More about the Basic Types of Liabilities

  2. If you run a business, you may take the help of an accountant to settle all your money-related matters. During the annual accounting, you may have heard of liabilities. Liability is simply defined as an obligation in the form of money or other commodities between two parties. There are two types of liabilities; Current and Non-current liabilities. In the next slides, you can learn more about these two types.

  3. Current Liabilities: Current or short-term liabilities are the dues an individual can pay within 12 months. These liabilities include the money one owes to the vendors and the monthly expenditures. Some example of current liabilities is pointed out below: Payable Wages Payable Interests Dividends Unearned Revenues

  4. Non-Current Liabilities: As the name suggests, non-current or long- term liabilities are the amounts that need to be paid in more than 12 months. Future earnings and transactions are an important factor in paying off non-current liabilities. Some prominent examples of long-term liabilities are: Deferred Credits UITC or Unamortised Investment Tax Credits Contingent Liabilities Warranty Liabilities

  5. Do you want to know more about these liabilities by analysing the financial health of your business? Look no further; consult a trusted source like Digitally Accountants. We have a team of qualified accountants in Letchworth who can put out your company's liabilities. For more details, visit our website today.

  6. www.digitallyaccountants.co.uk 08006895182 info@digitallyaccountants.co.uk

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