What are some examples of liabilities?
Here is a list of items that are considered liabilities, according to Accounting Tools and the Houston Chronicle:Accounts payable (money you owe to suppliers)Salaries owing.Wages owing.Interest payable.Income tax payable.Sales tax payable.Customer deposits or pre-payments for goods or services not provided yet.More items….
What is meant by outstanding assets and outstanding liabilities?
An expenditure which have been incurred during the year but the benefit of which will be enjoyed during the next year is called an outstanding asset. … The expenses which have become due for payment and should have been paid during the current year but have not been actually paid are called ‘outstanding liabilities’.
Are outstanding expenses Current liabilities?
An Outstanding Expense is an expense which is due but has not been paid. An expense becomes outstanding when the company has taken the benefit, but the related payment has not been made. Outstanding expenses appear within the Current Liability section of the Balance Sheet.
What are liabilities?
A liability is something a person or company owes, usually a sum of money. … Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.
What are examples of current liabilities?
Examples of current liabilities include accounts payable, short-term debt, dividends, and notes payable as well as income taxes owed.
What are the 3 main characteristics of liabilities?
A liability has three essential characteristics: (a) it embodies a present duty or responsibility to one or more other entities that entails settlement by probable future transfer or use of assets at a specified or determinable date, on occurrence of a specified event, or on demand, (b) the duty or responsibility …