Why Liabilities are so important
Why are Liabilities are so important? Write some of its Significance in Accounting?
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Significance of Liabilities: Let suppose, you have father and you comprise three daughters and two son. You are on a job of accountant in a company. And the entire family member is dependent on you. It is your personal liability to educate your offspring, to feed your family and care them financially. This personal liability will provide you power to live better life in your family. Subsequent to taking all liability on your shoulders, you will become responsible human being. Like this, liabilities of business makes businessman powerful to take all kind of business risk and survive indefinite life span.
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The following information for the month of December 20x6, with respect to cash activities, was gathered by Tressa Ltd.’s bookkeeper. Cash balance per books, December 1 $ 3,700 Q : Liabilities and Assets in Balance Sheet Why Liabilities are always on the left side and Assets on right side in the Balance Sheet?
Why Liabilities are always on the left side and Assets on right side in the Balance Sheet?
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