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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 loans, etc. In a liability, a person has a legal responsibility for their actions.
Liabilities means a debt or the amount due from a business to others or the amount owned by a business to others party. Ex: laws borrowed, bills payable etc.
Wiki User
∙ 8y ago
Wiki User
∙ 11y agoliability is a debt.
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What is an strategic liability?
A strategic liability is a liability that is strategic.
Is Creditors an asset or liability?
Current Liability
What is net liability?
Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset
How is a liability increased by a credit or debit?
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.
What is public liability insurance and how is it different from general liability insurance?
General liability covers Public and Producs Liability, therefore by having General Liability cover, public liability is covered also.
Is a cheque account an asset or liability?
It comes under liability
3 When is a liability classified as a current liability ad as a noncurrent liability?
When liability is payable within one fiscal year then it is current liability while one liability is payable within more than one period then Is non-current liability.
Do you need a car to get liability insurance?
Automobile Liability insurance, YES. Liability insurance, NO. There are many kinds of liability insurance.
What type of liability refers to public laws?
civil liability
Is liability for withholding taxes a current or non current liability?
current liability
Is Demand loan a current liability or a long term liability?
a current liability
What is the difference between current liability and total liability?
Current Liability: Current liability is a specific liability and it is short term and mostly it is paid within the year. Total Liability: Total liability is the sum of all liabilities like current liabilities, outstanding liabilities etc.
