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DK Essential Managers: Understanding Accounts by Stephen Brookson

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Understanding Liabilities

Liabilities are debts payable in a future period because of events that have already happened. They are either current (due in the next 12 months) or long term. Learn to identify both types of liability and why the split between the two is important.

DK Check that an organization’s liabilities do not exceed its assets.
DK Make sure that all possible liabilities have been included.

Examining current liabilities

Typical current liabilities are large items such as creditors (people who are owed money for goods purchased) and ...

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