The Great Awakening. The Great Awakening was an outpouring of religious enthusiasm that occurred in the American colonies in the mid-18th century.Smaller local revivals had occurred in New Jersey in the 1720s with Theodorus Freylinghuysen of the Dutch Reformed Church and the father-and-son team of William and Gilbert Tennent.he Great Awakening. The Great Awakening was an outpouring of religious enthusiasm that occurred in the American colonies in the mid-18th century.
Liabilities are not just loans. When you operate a business, and you have employees you will be responsible for payroll taxes that must be paid on that employee. These are known as payroll liabilities. Credit issued to your customer for defective products or services is a liability until the customer uses the credit. Accounts payable in a business are a liability. Theyâre not loans in the traditional sense, but accounts payable are accounts for which the vendor has extended your business credit purchasing terms.
A liability account is a type of accounting statement that itemizes how much the business owes to its creditors, or its debts.The amount owed is for a service or good the business has already received but has not yet paid for. An example of a liability is a debt owed to a vendor.ccounting gives a business a way to keep track of its liabilities and expenses. A liability refers to a financial obligation, or upcoming duty to pay. An expense refers to money spent by the company, or a cost incurred by the company, in an effort to generate revenue for that company.