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Liability
Liability is an obligation a business owes to outsiders, such as debts, loans, or unpaid expenses. Liabilities can be current (due within a year) or long-term. They appear on the balance sheet and represent claims against the company’s assets by creditors or suppliers.
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Lump-Sum Purchase
A single payment made to buy multiple assets in one transaction, such as buying land and a building together. The…
Long-Term Debt
Financial obligations due more than one year from the reporting date. It includes bonds, bank loans, or lease obligations. Long-term…
Liquidation
The process of closing a business and distributing its assets to creditors and owners. Assets are sold to pay off…
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