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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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โˆ™ 2007-06-20 14:29:06
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Q: What is financial liability?
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Related questions

Is an accrual a financial liability?


How did corporations offer financial security to investors?

by limiting their financial liability

Is a leased car a financial liability?


What liability refers to a financial liability brought on by a loss that has resulted from illegal improper or incorrect payments?


Is contingent liability credit or debit?

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.

What is Unearned revenue reported as in a financial statements?

A liability.

Where do dividends on the financial statements?

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

Liability refers to a financial liability brought on by a loss that has resulted from illegal improper or incorrect payments?


Where does interest payable belongs in the elements of financial statement?


How did corporations offer security to investors?

by limiting their financial liability

What is the difference between Property owner's liability and Tenants liability?

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

What is the difference between annual liability and annual flow liability?

Annual liability is the amount of liabilities you have at a specfied date, while annual flow liability is the amount of annual liability thatmust be repaid during the next financial year.

Journal entry for contingent liability?

There is no journal entry for contingent liability because contingent means which is not occurred and not sure that when will that liability will be created or liability is depended on certain event that's why contingent liability is shown under financial statements notes as contingent liability.

An example of a contingent liability is?

Example of the contigent liability are Court cases regarding any financial dispute, bills sent for collection.

How do you Treat contingent liability in balance sheet?

Contingent Liability is not shown at the face of balance sheet but shown as a notes to financial statements as a note about the latest information of contingent liability.

Where do you present the vat payable account in the financial statement?

VAT payable is liability for business and shown in liability side of balance sheet of business.

Bond discount should be presented in the financial statements of the issuer as a a.contra liability b.adjunct liability c.deferred charge d.contra asset?

deferred charge

What does 'LLC' in 'LLC Corporation' stand for?

LLC stands for limited liability company. That means that the company does not have full liability if the company has financial issues such as a lawsuit.

Is a bank loan a financial asset?

Bank loan is a liability for business not an asset for business.

What element of financial statements interest payable belong?

Interest payable is liability to be cleared in future that's why shown in liability side of balance sheet.

Is the contingent liability added to the total liability?

Contingent liabilities are not added to total liabilities but shown as a note to financial statements that these are the liabilities that are contingent on certain event

What services does Community Insurance provide?

Community Insurance provide a number of financial services. They provide general liability, auto liability and school board legal liability services. One can make claims online.

How do you record contingent liabilities?

A contingent liability is recorded in financial statements or books of accounts only if it is a probable contingency and if the liability amount can be estimated. No need to make a journal entryÊif the contingent liability is possible but not probable.Ê

Is interest a current or non current liability?

That part of interest which is due withing next 12 month or due in current financial year then that would be current liability and the remaining part will be non-current liability.

What are the examples of financial liabilities?

A financial liability is defined as the obligation to give cash to another entity under certain conditions. Some examples of financial liabilities are accounts payable and loans.