Results for: Liability

In Personal Finance

What are liabilities?

Liabilities are debts that a business owes.This is a term used in accounting to refer to legally bindingobligations that are payable to another person or entity (usuallylender… ( Full Answer )
In Business Accounting and Bookkeeping

Does a release of liability limit your liability?

Answer . Yes, a "release" can be used as a complete defense to liability if the person signing the release decides to sue later.
In Law & Legal Issues

What is a liability?

A liability is an obligation, money owed or perhaps a burden. A company or organisation has the liability to pay to outsiders such as creditors, accounts payable, long term lo… ( Full Answer )
In Law & Legal Issues

Tortious liabilities and contractual liabilities?

LAW . A tortious liability is related to the duty of care, and negligence of that duty, with respect to persons with whom there is no contractual liability. For exampl… ( Full Answer )
In Accounts Payable

What is liabilities and types of liabilities and there examples?

Liabilities are money or moneys owed to another individual or company by another. There are two main liability categories, Current Liabilities and Long-Term Liabilities. Cu… ( Full Answer )
In Business Accounting and Bookkeeping

What is outstanding liabilities?

The outstanding liabilities are which are not paid yet. These outstanding liabilities are due on company's balance sheet and we have to pay them. Muhammad Asif MBA (Financ… ( Full Answer )
In Commercial Insurance

Liability of company is not liability of director?

Not usually no. But it depends on the prior actions of the director. If there is some negligence, unprofessional or illegal activity on the part of a director in relation t… ( Full Answer )
In Business Accounting and Bookkeeping

How do you decrease a liability?

Liabilities are decreased by a debit entry...typically a cash payment (Dr. the liability; Cr. Cash)
In Law & Legal Issues

Strict liability and tortuous liability?

Strict liability is a form of civil liability, similar to negligence. The main difference between strict liability and tortious liability is that you can be held liable for an… ( Full Answer )
In Business Accounting and Bookkeeping

Is contingent liability is a current liability?

Contingent Liability is a current liability in most cases, but there is possibility for non-current contingent liability as well.