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What are the current liabilities in accounts?
these are short term claims against business.
What are the primary assets and liabilities of a commercial bank?
Loan assets and investment assets are the primary assets of a commercial bank. Deposits and borrowing are liabilities also known as claims to a commercial bank.
What are contingent liabilities that are normally accrued?
A contingent liability which is normally accrued is estimated claims under a service warranty on new products sold.
What are both monetary and non-monetary?
MONETARY ASSETS AND LIABILITIESMonetary assets and liabilities are money or claims to future cash flows that are fixedor determinable in amounts and timing by contract or other arrangement. Examplesinclude cash, accounts and notes receivable in cash and accounts and notes payable incash.NON-MONETARY ASSETS AND LIABILITIESNon-monetary assets and liabilities are assets and liabilities that are not monetary.Inventories, investments in common stock, tangible capital assets and liabilities for rentcollected in advance are examples of non-monetary assets and liabilities.
What are assets liabilities and equity?
It is the basic accounting equation which shows the relationship of business assets toward liability and equity and it tells that all assets must generate enough money to pay all liabilities and owner's capital to be successful business.
What is the process for third party indemnification in case of any legal claims or liabilities arising from the services provided by an external vendor?
Third party indemnification is the process where an external vendor agrees to compensate and protect a company from any legal claims or liabilities that may arise from the services they provide. This means that the vendor takes responsibility for any legal issues that may come up, relieving the company of any financial burden or legal consequences.
How was the in Florida divided after Britain and Spain gave up their claims?
i have the same question my dude sorry
If a corporation fails where does the money come from to pay its debts?
All of a corporation's assets may be sold to satisfy debts, but this may not be sufficient to pay all claims and liabilities when a business becomes insolvent.
Why the accounting equation must always balance?
The accounting equation used in business must always be kept in balance - the assets on one side of the equation must equal the claims against the assets on the other side:Assets = Liabilities + Owners' equityThese claims arise from credit extended to the business (liabilities) and capital invested by owners in the business (owners' equity). The claims of liabilities are significantly different than the claims of owners; liabilities have seniority and priority for payment over the claims of owners.Suppose a business has $10 million total assets. The money for the assets came from somewhere. The business's creditors (to whom it owes its liabilities) may have supplied, say, $4 million of its total assets. Therefore, the owners' equity sources provided the other $6 million.Business accounting is based on the two-sided nature of the accounting equation. Both assets and sources of assets are accounted for, which leads, quite naturally, to double entry accounting. Double entry, in essence, means two-sided. It's based on the general economic exchange model.In economic transactions, something is given and something is received in exchange. A common example involves a business that borrows money from its bank. The business gives the bank a legal instrument called a note, promising to return the money at a future date and to pay interest over the time the money is borrowed. In exchange for the note, the business receives the money.
What is common size balance sheet?
A common size balance sheet is a type of standardized financial statement that completely lists all of a firms specific assets, liabilities, and equity claims as a percentage of a firms total assets.
Of what implication to the sureties insurance industry was legislation passed by Congress in 1991 expanding the role of sureties in the cleanup of environmental waste sites?
The laws free sureties from liabilities for tort claims related to default by bonded contractors.
How does the indemnification process work for third party claims?
The indemnification process for third party claims involves one party (the indemnitor) agreeing to protect another party (the indemnitee) from financial losses or liabilities resulting from a claim made by a third party. This typically involves the indemnitor reimbursing the indemnitee for any costs or damages incurred as a result of the claim.
