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a liability is what the business owes e.g. loans, bank overdraft, owing a supplier for inventory
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∙ 11y ago
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Examples of personal liability exposures and how they give rise to legal liability?
examples of joint,several and individual liability of partnership firm
Examples of a long term liability?
Mortgage
Insurance Cross Liability what does it mean and give some examples?
I think iit means the participation in aliability I think iit means the participation in aliability
What do you mean by internal and external liability of the company?
internal liability mean that company will pay salary, so salary is internal liability, and the company will pay interest to bank it is external liability.
What does limited liability mean to corporations mean?
When an investor's liability is limited only to the initial investment
Examples of the balance sheet equation?
Assets = Liability + Owner's Equity
What are some examples of unlimited liability in business terms?
Some examples are Union Bank of Blair. Blair, Wisconsin.
What is a liability account?
Liability Accounts record obligations of a business towards its creditors. Examples of liability accounts are Accounts Payable, Interest Payable, Wages Payable. These accounts appear on the balance sheet.
Examples of a corporation?
general corporation Close corporation Limited Liability Corporation
What does uncapped liability mean?
A limitation (a cap) of liability clause is a contractual provision that restricts the amount of damages a client can recover from a company. Uncapped liability is a liability without a limit.
What are some examples of a partnership?
Unlimited joint liability General partnership etc. (There are more)
What are examples of liability account?
A liability account is anything the company owes. Accounts Payable, Notes Payable, these are two examples of a liability account. Unearned Revenue is another example of a liability account. Unearned revenue is revenue a company has received but has not yet fulfilled their obligation to the customer. Because the company is now liable for either providing the product (or service) to the customer or refunding the money paid by said customer, it is a liability account until all obligations are fulfilled.
