Liability
Yes payment of loan liability is your expense decreasing the liability as well as asset from which you are paying the loan liability.
The loan is considered a liability - The value of the company is the equity.
Most loan companies will require that you have liability, collision, and comprehensive coverage. That covers you hitting someone else, someone hitting you, and loss due to fire, theft, storm damage, etc.
It is a loan repayable. Hence it is a liability. As the liability is for more than one year, it is non current liability.
Liability
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.
Loan acquired to buy an asset is a liability of business so interest incurred on that loan is also part of that loan and that's why it is also the liability of business.
a current liability
Yes payment of loan liability is your expense decreasing the liability as well as asset from which you are paying the loan liability.
The loan is considered a liability - The value of the company is the equity.
Paying off one loan by getting another loan will decrease one liability and increase another.
This depends on the state. In California if you loan a friend your vehicle and he kills someone with it, then you are also charged with manslaughter!
Most loan companies will require that you have liability, collision, and comprehensive coverage. That covers you hitting someone else, someone hitting you, and loss due to fire, theft, storm damage, etc.
It is a loan repayable. Hence it is a liability. As the liability is for more than one year, it is non current liability.
Term loan
no