In accounting terms, Liability is one of the type of account.Using this type of account for all other loans, generally larger long-term loans such as a mortgage or vehicle loan can be got. This account can help you keep track of how much you owe and how much you have already repaid.
The amount of liability which is yet to be paid as on the balance sheet date is known as outstanding liability
I liability that may be incurred depending upon future event(s) Example- let there is a claim on a company existence of that liability is depends on decision of court so existence of that liability is uncertain so we can say that contigent liability is that liability which may occur or may not. ..
Yes, a debit decrease liability and a credit increase liability. if a debtors/customer make the repayment obligation, it will decrease debtors, meaning decrease in liability.
Deferred tax is the future tax liability or assets. It could either be tax liability or tax assets totally depending on the temporary difference which means the difference between book value and tax valued.
That depends on the term of the loan. Let's define Current Liability and Long-Term LiabilityA current liability is any liability that will be paid off within one year (or less) or one accounting cycle. A bank loan, if is financed for One Year or less, would be classified as a Current Liability.A Long-Term Liability is anything OVER a year. So if the bank loan is financed for more than one year, it will then be classified as a Long-Term Liability.
what is meaning of liability in accounting
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the meaning of a word
A type of investment in which a partner or investor can lose an unlimited amount of money. Opposite of limited liability.
Legal Liability. Liability.
The term unlimited liability means that you are not protected from the liabilities of your company. To avoid this situation, you can start a corporation.
Define means to tell the meaning of something.to state the meaning of a word
The amount of liability which is yet to be paid as on the balance sheet date is known as outstanding liability
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Water Mains or Connection Construction
Define means to demonstrate the meaning of something.
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