What are outstanding liabilities and how are they calculated?

[Good-Person]

Outstanding liabilities are the kind of liabilities that a person or the business must pay. These liabilities should be paid under certain conditions. this may also include debts, loans, outstanding balances, and other expenses as well. So, what are outstanding liabilities? How are such liabilities calculated?

 

[Nomad]

Unpaid debt, bills, or loans are outstanding liabilities. For instance, if you haven't paid your credit card bills for a while, it is an outstanding liability. If you have not paid your bank loan, it is an outstanding liability. Even unpaid rent or utility bills are outstanding liabilities. Everything that needs payment but has not been paid is an outstanding liability.