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:
Yes we should made the provision for partially paid. But the expense will be booked for the total liablity.