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What are examples of liabilities?
- Location: USA,Buffalo, United States
Liabilities are financial obligations or debts you owe, like mortgages, loans, credit card balances, and unpaid bills (accounts payable), which require future payment of money, goods, or services; examples range from personal car loans to business bonds, categorized as short-term (due within a year, e.g., payroll) or long-term (due later, e.g., mortgages).
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