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There are three type liabilities 1- Current Liabilities: 2- Long Term Liabilities 3- Contigent Liabilities ?

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تم إضافة السؤال من قبل Sami Khan , IT Manager , Health Department KP
تاريخ النشر: 2023/07/30
jawad akhtar
من قبل jawad akhtar , Accounts Manager , Ch. Muhammad Munir & Sons (Pvt)Limited

Current Liabilities

Long Term Liabilties

Contigent Liabilities

Abbas Shaikh
من قبل Abbas Shaikh , Warehouse in charge ,Inventory controller , Emirates pride

Liabilities can be broadly categorized into two main types:

  1. Current Liabilities: These are short-term obligations that a company or individual is expected to settle within one year. Examples include short-term loans, accounts payable, and accrued expenses.

  2. Non-current Liabilities: Also known as long-term liabilities, these are obligations that extend beyond one year. Examples include long-term loans, bonds, and deferred tax liabilities.

Deepu Bhujel
من قبل Deepu Bhujel , Junior Accountant , Min KC_Proprietor of Lumbini Bishal Furniture

Short term liabilities: For the short term liability or debt should be payable within one year is known as  Short Term Liability.

Long term liabilities and Contingent Liability:  for the long term liability the payable term is more than a one financial year.

Contigent Liability: its means the liability which could be occur depending on outcome of future event.

khaled eltaweel
من قبل khaled eltaweel , ACCOUNTANT , GBC CONTRACTING ASPHALT PLANT KUWAIT –KUWAIT

1- Current liabilities :- are a company's short-term financial obligations that are due within one year or a normal operating cycle (e.g. accounts payable).
2- Long-term (non-current) liabilities are obligations listed on the balance sheet not due for more than a year

Chamal Alwis
من قبل Chamal Alwis , Finance Executive , The Elixir Clinic - Sri Lanka

Current liabilities are debts and obligations that a company needs to settle within a year or its operating cycle. They include amounts owed to suppliers, short-term loans, accrued expenses, and other financial obligations due in the near term.

Non-current liabilities, also known as long-term liabilities, are financial obligations that are not expected to be settled within the normal operating cycle of a business, typically extending beyond one year. They represent long-term financial commitments that a company owes to creditors or other parties.

Contingent Liabilities: Potential liabilities dependent on the outcome of future events, such as lawsuits or warranties.

Faqir Hussain
من قبل Faqir Hussain , Assistant Manager Accounts Finance , GMS Forgings PVT Limited.

Liabilities are three typs.

  • Current
  • Long Term
  • Contigent

Abdul Rahman Samman
من قبل Abdul Rahman Samman , Regional Sales Manager , Alshaya Enterprises

Certainly! In simple terms, liabilities are divided into three main types:

  1. Current Liabilities: These are debts or obligations that a company needs to settle within a short period, typically within one year. Examples include bills to be paid, loans due soon, and taxes owed.

  2. Long-Term Liabilities: These are debts or obligations that are due over a longer period, usually more than a year. Examples include long-term loans, mortgages, and bonds payable.

  3. Contingent Liabilities: These are potential obligations that might arise in the future depending on certain events, like lawsuits or warranties. They're not certain liabilities yet but could become so under specific conditions.

Khalid Maula Bakhsh
من قبل Khalid Maula Bakhsh , Account Officer (BPS-17) , Gwadar Port Authority (Ministry of Maritime Afair)

there are six type of liabilities.

Sabir Puzhakkara
من قبل Sabir Puzhakkara , Proprietor , CA Sabir. P & Co. (Audit Firm)

Liabilities  can be catetorised in three categories

Current Liabillities, Non Current or Long term Liabilities, Contingent Liabilities.

Current Liabilities and Non- Current Liabilities Recognised in Balance Sheet. But Continget Liability reported in Notes to Financial Statements.

Amar deep Tigga
من قبل Amar deep Tigga , Retail Store Owner , *Cash and Carry Mall & Mart* Near Hanuman Mandir,

Duty manage proper sift in staff

Leen Salamoun
من قبل Leen Salamoun , محاسبة مستودعات , القيادة المركزية

الالتزامات المتداولة (قصيرة الأجل) , والالتزامات غير متداولة ( طويلة ومتوسطة الأجل)

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