Need Accounting help? When understanding accounting and the different terms accounting uses, it’s often ideal to start at the beginning. This is so one can start out having basic common knowledge of the terms.

When discussing Liabilities, there are two different kinds of liabilities. One being Current assets and the other being long-term liabilities.

A liability is known as the obligations and or debt of a business.

Current liabilities are the obligations that will be taken care of within one year or the current operating term.

The following is a list of the current liabilities. These liabilities the company should be prepared to pay quickly.

Accounts Payable- Our vendors, this is to cover the cost of our inventory, goods, and or services acquired.

Notes Payable

Taxes Payable- This is broken down to the Income Tax, Property tax, and Payroll Tax.

Long term liabilities are the obligations that will take longer than a year to take care of them.

Long term liabilities are known as

Leases

Deferred Taxes

Pension Obligations

Dashboard Accounting offers outsourced bookkeeping and Accounting for small business owners around the Cleveland/Akron area.  Call Dashboard Accounting today to see how they can help you drive your business forward!

Dashboard Accounting

330-908-0888

8536 Crow Drive, Suite 120

Macedonia, Ohio 44056

www.DashboardAccounting.com