Join Rudolph Rosenberg for an in-depth discussion in this video Liabilities, part of Financial Literacy: Reading Financial Reports.
- [Voiceover] Liabilities are all the debts…that a company has.…Whether it is a loan from a bank,…a payment that is due to a supplier,…or a salary due to an employee,…as long as it is some form of a debt,…it will be recorded as a liability.…Liabilities are reported just as assets…in two categories, current liabilities…and long-term liabilities.…Again, just as for assets, the current liabilities…are the ones affecting and being affected…by the daily activity of the company.…
Current liabilities include accounts payable,…accrued expenses, current portion of debt,…and income taxes payable.…Let's look at those one by one.…Let's start with accounts payable.…This category is for any debt that is due to suppliers.…Just as we had an accounts receivable category…in the assets section for money due from customers,…this section is for money that the company…owes to its suppliers.…Most companies negotiate payment terms…and we receive from their suppliers…the possibility of paying a certain number of days…after having purchased a good or a service.…
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- What is a financial statement?
- Reading the balance sheet
- Understanding depreciation, liabilities, and equity
- Reading the income statement
- Understanding revenue, costs, profitability, and net income
- How cash flow works
- Analyzing financial documents with context<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
Skill Level Appropriate for all
1. Financial Statements
2. The Balance Sheet
3. The Income Statement
4. The Cash Flow Statement
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