Liability is a financial term that refers to a company’s legal debts or obligations that arise from past transactions or events. In other words, liabilities represent the amount of money that a company owes to others, such as creditors or lenders. There are several types of liabilities: Liabilities are considered to be opposite of assets, …

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Expenses are an integral part of any business operation and play a crucial role in determining a company’s financial health. In order to generate revenue, businesses must incur costs that are known as expenses. In this article, we will define expenses, discuss the different types of expenses, and explore the importance of managing expenses effectively. …

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Accounts payable is a financial term that refers to the money that a company owes to its creditors for goods or services that it has received but has not yet paid for. In other words, accounts payable represents short-term debt that a company incurs in the normal course of doing business. When a company purchases …

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