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Liability (financial accounting)

society Maturity 11-13

Sometimes, people or shops owe money.

VerbindlichkeitenSektorenUSAengl.PNG
VerbindlichkeitenSektorenUSAengl.PNG
This is called a liability. It might be a loan from a bank. You might pay it back soon. Or you might pay it back later. It is good to know what you owe. Do you know what a loan is?

48 words
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📚 Content adapted from Wikipedia | Readability: FK 16.7 | Vital Level 5