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In today's lesson we break liability down for proper understanding and why it can help you in your relationship with financial expert.

At least you will not be deceived by the figure you see in your financial statement or your bank statements

Now let's get started.

What are liabilities?

Liability is more than what you owed to someone or organization.

The framework and IAS 37 has provided a detailed information about liabilities.

So I have broken the technical terms in the definition for you to understand.

In this lesson we also explained what is known as a contingent liabilities For you to understand.

Your business could have legal issues that can affect your company.

How do you prepare for the impending litigation in your book.

So that you can make intelligent and informed decisions like business owners and Warren buffet


https://www.youtube.com/watch?v=-zaK9bkwZ50

I love this! this reminds me of accounting class