What are Liabilities and its Types?

Liabilities are the things that takes money out of your pocket but again and again. All people have liabilities but how many liabilities are good for you. Liabilities should always lesser then Assets.

Liabilities are categorised into three types :

1. Fixed Liabilities : Fixed Liabilities are those liability that we have to pay after a long term period.

For Example: Long Term Loans etc.

2. Current Liabilities : Current Liabilities are those liabilities that we have to pay often.

For Example: Credit card bill, Electricity bill, house loan, car loan etc.

3. Contingent Liabilities : Contingent Liabilities are those liabilities that changes due to time. It is also called doubt full liabilities.

For Example: Pending Case in court. You doesn't know for how many days does your case runs, you don't know how many expenses does it cost.

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