ACCOUNTING STANEARDS FOR BUSINESS ENTERPRISES

(Follow the Third Issue)CHAPTER IV LIABILITIESArticle 34.A liability is debt borne by an enterprise,measurable by money value,which will be paid to a credi-tor using assets,or services.Article 35.Liabilities are gen-erally classified into current liabili-ties and long-term liabilities.Article 36.Current liabilities refer to the debts which should be paid off within a year or an oper-ating cycle longer than a year,in-cluding short-term loans payable,