An obligation to pay a debt is called liability. Liabilities are recorded on the left hand side on a balance sheet.
On the basis of time period liabilities can be divided into two categories- current liabilities and fixed liabilities.
An obligation to pay a debt is called liability. Liabilities are recorded on the left hand side on a balance sheet.
On the basis of time period liabilities can be divided into two categories- current liabilities and fixed liabilities.