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Liability is the responsibility that a person, group, or organization has toward another person, group, or orgnization for its actions. Every person that drives a car is responsible for what they do on the road. Licensed proffessionals are responsible for the quality of services they provide and are liable for their mistakes.
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What other term would mean almost the same as assets and liability?
Net assets
Is subordinated capital notes a current liability or a long term liability?
Long term
Is Demand loan a current liability or a long term liability?
a current liability
Is it true all long term liabilties become current liabilities?
Long term liability becomes the current liability in that year in which it is to be cleared so Yes, long term liability become current liability.
What is the difference between Comprehensive General Liability insurance and Public and Products Liability insurance?
The correct term is COMMERCIAL GENERAL LIABILITY. The term Comprehensive General Liability is a old term that was at one time used as well as Public and Products Liability. These terms are often used to mean the same ideal. Over the years the legal profession will contunuie to use them in a written contract. However it should be corrected to the correct term so all parties ar not confused. Often you may see the term expressed as COMMERCIAL GENERAL LIABILITY including products and completed operations.
Is long term debt an operating liability?
NO. But the Current maturities of long-term debt is an operating liability.
Are billings in excess of cost a current liability or long term liability?
Yes it is a current liability
Is a loan is current liability or long term liability in the balance sheet?
If loan is payable within twelve month of issuance of loan then it is current liability but if it is payable in more than one fiscal year then it is long term liability but even in long term loan, that portion of loan which is payable in current fiscal year is current liability and remaining portion is long term liability.
Which term refers to your legal responsibility in case you are involved in an accid?
liability
What is meant by the term civil liability?
The term "civil liability" means that another person or a business can sue you and end up being awarded damages by the courts. Civil liability is distinguished from Criminal liability.
1 A liability is classified as a current liability if it is to be paid within the coming year?
Yes current liability is that liability which is payable within one fiscal year otherwise it is that portion of long term liability which is payable within one year remaining portion will be long term liability.
An unfunded pension liability is reported on the balance sheet as?
current liability or long-term liability, depending upon when the pension liability is to be paid
