Liabilities are the amounts of money due to others that need to be paid now. true or false

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asked Nov 14, 2016 189k views

1 Answer

John Frazer · Answer 1 · 2016-11-20T08:55:17+0000

This is false. The statement is only partially true.

In accounting/business, liabilities are all amounts owed to others, either now or in the future. This can be both money and other goods. So, I would say this is false.

Liabilities are the amounts of money due to others that need to be paid now. true or false

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