About the lesson

In this lesson you will:

• study: a text of ca. 720 words
• learn:
  • what is understood as liabilities in accounting
  • how liabilities are divided on the balance sheet
  • what shareholders’ equity is composed of
  • how liabilities are recorded on the balance sheet
• study vocabulary:
  • 52 words and expressions useful in talking about liability accounts on the balance sheet
  • e.g.: deferred revenues, shot-term payables, current liabilities, share premium, treasury stock, accrued expenses, contra liability accounts, discounts, unearned revenues, in advance, outstanding shares, retained earnings etc.
  • practise vocabulary in 4 units composed of 5 tasks each
  • complete approx. 210 questions during the whole lesson
• test your knowledge of the vocabulary studied

You might also be interested in other lessons in this section covering similar ground. The whole section is composed of the following:

1. BOOKKEEPING
2. ACCOUNTING POLICIES, STANDARDS, ASSUMPTIONS
3. ACCOUNTING PRINCIPLES AND CONCEPTS
4. FINANCIAL STATEMENTS
5. BALANCE SHEET - ASSETS
6. BALANCE SHEET - LIABILITIES
7. THE P&L ACCOUNT, ACCRUALS, DEFERRALS
8. DEPRECIATION