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Question
Giving example, explain the following accounting term:
Short-term liability
Answer in Brief
Solution
Short-term liability- Those liabilities that are incurred with an intention to be paid or are payable within a year; for example, bank overdraft creditors, bills payable, outstanding wages, short-term loans, etc
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Basic Terms in Accounting
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Chapter 1: Introduction to Accounting - Questions for practice [Page 21]
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