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  3. explain how to account for liabilities, including

Explain how to account for liabilities, including contingent liabilities. Provide and example of each.

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Accounting

Explain how to account for liabilities, including contingentliabilities. Provide and example of each.

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Liabilities are shown on the right side of the balance sheet like accounts payable loans etc And liabilities are having credit balance Liabilities are of two types 1 Short term liabilities 2 Long term liabilities Short time liabilities are those liabilities which are to be settled or payable within 1 year And long term liabilities    See Answer
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