What are the essential characteristics of liabilities, Accounting Basics

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What are the essential characteristics of liabilities

Consider the following questions:

1. What are the essential characteristics of liabilities for purposes of financial reporting?

2. What distinguishes current liabilities from long-term liabilities?

If possible, please give examples to better understand your response.

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Accounting Basics: What are the essential characteristics of liabilities

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Accounting Basics: What are the essential characteristics of liabilities

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