1.4.1.2.2. Liabilities
Liabilities are what a company owes to others. Like assets, liabilities can be divided into current liabilities and long-term liabilities. Current liabilities are debts that will be paid back within a year. Current liabilities include:
• Accounts payable—amount that is owed to suppliers
• Accrued expenses—wages, taxes and interest that have accrued but have not yet been paid
• Short-term notes
