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There are different types of accounts in accounting. Some of these accounts are asset account, liability accounts, equity accounts, and operating expense accounts. There are many titles that coincide with these accounts.
There are many different account titles in a general ledger. There are a petty cash, sick leave accrual, petty cash, equipment, buildings, land, and investments.
Current Liability
Liability has credit balance as normal balance so credit increases the liability which means addition to current liability will increase the overall liability and reduction in liability will reduce overall liability.
capital is an amount invested by the proprietor, according to separate entity concept owner is different from the company so, capital is treated as liability.
Assets titles represent what a company owns. A liability title represents obligations that a company has. Title include names of items that could be sold and monetized.
There are different types of accounts in accounting. Some of these accounts are asset account, liability accounts, equity accounts, and operating expense accounts. There are many titles that coincide with these accounts.
General liability covers Public and Producs Liability, therefore by having General Liability cover, public liability is covered also.
What is the purpose of having all the different labels and titles for the dissection?"
There are a couple definitions for liability. Liability usually refers to being held responsible for something, which can include damage to an item or person.
culture can be a liability to an organisation where organisation does not value different cultures of their employees or diversity
culture can be a liability to an organisation where organisation does not value different cultures of their employees or diversity
Because the Americans changed the titles when they got released over there
A general partnership is one which partners share equally in both responsibility and liability. This is different from the limited liability partnership.
Current Tax Liability is that tax amount which is actaully payable in current year.Deffered Tax liability is that amount of tax liability which is created due to difference in net income in income statement and income according to tax authorities.
There are many different account titles in a general ledger. There are a petty cash, sick leave accrual, petty cash, equipment, buildings, land, and investments.
Moriniho