LiabilitiesLiabilities refer to creditor claims against total assets. For example, bank loans, debentures, etc. Related Articles:Top 10 Objectives of Accounting [With PDF]Top 15 Features of Accounting [With PDF]Top 8 Qualities of a Successful Management Accountant [With PDF]9 Important Accounting Concepts [Notes with PDF]What is Bookkeeping in Accounting? [With PDF]