What Are Liabilities? (SIMPLE Explanation)

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Discover what Liabilities mean in Accounting. This episode is part of a series exploring Accounting Basics. To see the whole playlist check out the link below. In this Accounting tutorial you’ll hear the definition of Liabilities in Accounting. I'll also take you through the common types of Liability that are worth knowing about.

⏱️TIMESTAMPS
00:00 - Intro
01:18 - Liabilities Definition in Accounting
03:34 - What are Current Liabilities?
03:43 - Accounts Payable
05:45 - Salaries Payable
06:19 - Accruals
07:40 - Unearned Revenue
08:04 - Short Term Loans
08:18 - What are Non-Current Liabilities?
08:37 - Long Term Loans
08:45 - Bonds
09:23 - What are Contingent Liabilities?
09:40 - How Contingent Liabilities work

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