In your own words:

a. Describe what liabilities represent and how they differ from equity.

b. Describe the three conditions required for reporting a liability.

c. Describe what a current liability is and at least 3 examples.

d. Describe what a long-term liability is and at least 2 examples.

e. Describe a bond and how bonds are priced.

f. Describe what a contingency is and the conditions required to record a contingent liability.