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What is financial liability?


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Wiki User
2007-06-20 14:29:06
2007-06-20 14:29:06

If you have financial liability, they you have to pay money if something goes wrong. Liability means you can be held responsible and financial means money.

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Contingent liability is not shown in financial statments until it if considerably clear that liability will be happend and until that time it is shown as a note in notes to financial statement section.

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Dividend payable is liability and shown under liability side of balance sheet.

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Property owners Liability is the financial , legal liability attaches to property owners due to their property, where as tenants libility vice versa


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