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In accounting terms, Liability is one of the type of account.Using this type of account for all other loans, generally larger long-term loans such as a mortgage or vehicle loan can be got. This account can help you keep track of how much you owe and how much you have already repaid.
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What is the meaning of outstanding liability?
The amount of liability which is yet to be paid as on the balance sheet date is known as outstanding liability
What is the meaning of contigent liability?
I liability that may be incurred depending upon future event(s) Example- let there is a claim on a company existence of that liability is depends on decision of court so existence of that liability is uncertain so we can say that contigent liability is that liability which may occur or may not. ..
Does a debit decrease liability?
Yes, a debit decrease liability and a credit increase liability. if a debtors/customer make the repayment obligation, it will decrease debtors, meaning decrease in liability.
Define deferred tax?
Deferred tax is the future tax liability or assets. It could either be tax liability or tax assets totally depending on the temporary difference which means the difference between book value and tax valued.
Is bank loan a current liability?
That depends on the term of the loan. Let's define Current Liability and Long-Term LiabilityA current liability is any liability that will be paid off within one year (or less) or one accounting cycle. A bank loan, if is financed for One Year or less, would be classified as a Current Liability.A Long-Term Liability is anything OVER a year. So if the bank loan is financed for more than one year, it will then be classified as a Long-Term Liability.
What is liability economics?
what is meaning of liability in accounting
Can you Define define?
the meaning of a word
What is a word meaning legally responsible?
Legal Liability. Liability.
Define unlimited liability?
A type of investment in which a partner or investor can lose an unlimited amount of money. Opposite of limited liability.
Define the term unlimited liability?
The term unlimited liability means that you are not protected from the liabilities of your company. To avoid this situation, you can start a corporation.
What does the word define mean?
Define means to tell the meaning of something.to state the meaning of a word
What is exact meaning of word editing in multimedia?
"What is exact meaning of word editing in multimedia?" "What is exact meaning of word editing in multimedia?" "What is exact meaning of word editing in multimedia?"
What is the meaning of outstanding liability?
The amount of liability which is yet to be paid as on the balance sheet date is known as outstanding liability
What is the legal meaning for absolute liability?
The legal meaning for 'absolute liability' is that one could be found guilty of a crime even if it was not intentional. Regulatory offences are considered to be strict liability offences.
Define General liability class code 99946?
Water Mains or Connection Construction
What does define stand for?
Define means to demonstrate the meaning of something.
How do you Use define in a sentence?
Can you define the word friend. that is an acceptable sentence using as a verb meaning to state the meaning of.
