an external source of the business or liabilities are obligation of the business
asset
accounts payable is a liablity.
Yes its a current liablity
Provision for taxation is current liablity
I the old days a provision for expenses was an expense accrual that was not posted to creditors but to a liablity provision line. This is a reminiscence of tax accounting. I the old days a provision for expenses was an expense accrual that was not posted tno creditors but to a liablity provision line. This is a reminiscence of tax accounting.
liablity sharing
Liablity assumed in a contract.
asset
accounts payable is a liablity.
Yes its a current liablity
Provision for taxation is current liablity
limitation of liablity
Any court official is liable for misdemeaners they commit - they are not immune.
I the old days a provision for expenses was an expense accrual that was not posted to creditors but to a liablity provision line. This is a reminiscence of tax accounting. I the old days a provision for expenses was an expense accrual that was not posted tno creditors but to a liablity provision line. This is a reminiscence of tax accounting.
Increase in total assets generates increase in either one of liablity account or ultimately an equity account.
The legal obligation of a business to pay a debt is called an:
Accrued expenses or accrued sundry expenses are those expenditure which are incurred during the specific time but the payment not to be paid with in that specific time that are called the accrued expenses or accrued sundary expenses. Accrued expenses are also called outstanding Expense.This will be the liablity of the owner and shown in the liablity side of the balance sheet.