Liabilities generically relates to the tranquility or steady and serene state of an object, however, in accounting and financial economics, Liabilities means " Debt ", thus becoming the antagonist of Assets. The liability is that asset with a determined value that the company does not have, moreover, it is committed to paying off a debt resulting from the administration of said organization. Understand then that a liability is that debt of a permanent naturethat involves the direct assets of the company, with other companies or simply its workers. Liabilities, as a counterpart to assets, are evaluated based on the economic and logistical needs of the company, because, as inconsistent as it may sound, liabilities are a necessary tool in each institution in which capital is managed.
In everyday life we do not observe the liabilities that are used in accounting, since it is a technical term applied in order to represent the financial situation of the organization in statements of accounts, however, society can observe the liabilities in their ways More simply, an example of these are the wages and salaries of the workers, for them, they represent earnings for a certain work already done, but for the company it represents a passive value, since on account of the work carried out, the company or The institution must cancel a payment corresponding to each one and because it is repetitive every month or established period of time, the debt is constant.
Salaries and salaries are short-term liabilities, that is, they are obligations that must be canceled in an established and small period, the relationship of these counterparties is linked by a contract with laws and opinions that could be revoked just as quickly with that the businesses, deals and works around these are executed. But there are also assets and long-term liabilities which are calculated even after the balance of the fiscal year is evaluated, these agreements are generally with creditors and associates, banks and institutions with which there are agreements of credit and credit in constant execution.
