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*Chapter 11 Discussion (BUS2113 Principles of Accounting)

1.) Liabilities are obligations that a business owes and are categorized. They are due within a years time.

2.) Current liabilities are a company’s short term financial obligations that are due within one year or within a normal operating cycle. Accounts includes accounts payable, short-term debt, dividends, and notes payable and taxes owed.

3.) Contingent liabilities are recorded as an expense on the income statement and a liability on the balance sheet. 

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