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Liabilities: How to classify, Track and calculate liabilities?

> Liabilities are never the problem; it’s the assets you need to worry about. This statement refers to the financial position and the notion that one always has to pay off debts. To offset a debt/liability, you can use assets, and your company can include certain items on the asset side or write them off as required. This can result in inflation or deflation of the asset’s value, which makes your company’s assets unreliable or somewhat questionable. But the amount you owe is very much real.