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Liability
A probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events
Current Liabilities
Aka short-term liabilities are obligations due within one year or company's operating cycle, whichever is longer.
Long term Liabilities
Liabilities not expected to be paid within the longer of one year or the company's operating cycle
Unearned revenues
Amounts received in advance from customers and prepayments for future products or services
Unearned Revenues (posting)
Short term notes payable
A written promise to pay a specified amount on a definite future date within one year or the company's operating cycle
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