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Differentiate Between Operating & Financial Liabilities

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Why is it important to differential between operating liabilities and financial liabilities?

What is gained by reformulating the balance sheet and income statement?

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Solution Summary

The solution differentiates between operating and financial liabilities.

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First, operating liabilities are obligations payable within a short period time resulting from the primary business operations of an entity. These liabilities are also non-interest bearing and includes accounts payable, accrued expenses such as accrued wages, and income taxes payable.

Second, financial liabilities, on the other hand, ...

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