Liabilities Related Posts
What are Sundry Creditors?
Meaning
Creditors are individuals or companies to whom you owe money for goods or services purchased on credit. A group of such individuals or entities...
What is a Liability, Examples, Types, its Placement, etc?
Liability - Accounting Definition
In a business scenario, a liability is an obligation payable to a third party. It may or may not be a...
What are Different types of Liabilities?
Liability
A liability is an obligation payable by a business to either internal (e.g. owner) or an external party (e.g. lenders). There are mainly four...
What are Current Liabilities?
Current Liabilities
Obligations of a company which are payable within a year or an accounting cycle of a business are called current liabilities. They are either...
What are Contingent Liabilities?
Contingent Liabilities
The word contingent or contingency means "possible, but not certain to occur". So, according to the definition, contingent liabilities are those liabilities that may or...
What is Amortization?
Amortization
Reduction in the value of an intangible asset by prorating its cost over a period of time (generally in multiple accounting periods) is called...
What are Internal and External Liabilities?
Internal and External Liabilities
Liabilities are obligations a business owes to external or internal parties. As per the accounting equation liabilities are equal to the...