Accountants define liabilities as obligations arising from past transactions that will be settled in the future by some transfer or use of assets or provision of services.

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This is the definition of liabilities according to accounting principles. It refers to debts or obligations that a company owes to others and will need to repay or settle in the future. Liabilities can include loans, accounts payable, salaries and wages payable, taxes payable, and other obligations.

Accountants Define Liabilities as Obligations Arising from Past Transactions That