Liabilities are crucial components of financial accounting and represent obligations a business owes to others. They arise from past transactions or events, such as loans, mortgages, and accounts payable, and are settled through the transfer of resources. Understanding liabilities is vital for assessing a company’s financial health, as they impact liquidity and solvency. This course provides an in-depth exploration of different types of liabilities, their impact on financial statements, and strategies for effective management and reporting.