Discussion Post 1.Liabilities are monies and/or other forms of debts that a person/group(s) of people thatown and run a business are required to pay, usually within agreed timelines. Liabilities can be inthe forms of depreciation, payroll, accounts payable, notes, rent, bonds among others. They areclassified into two, current and long-term liabilities. Current liabilities are those that are shortterm, i.e., have a short amount of time allowed (less than ayear) for them to be settled whilelong-term liabilities have a relatively long time allowed before they mature and require to besettled ...
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