Liability Essay

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  • Definition Of Liabilities

    1623 Words  | 7 Pages

    Current Liabilities Outstanding expenses Outstanding expenses are the opposite of prepaid expenses.. Even though they are to be paid at some future date, like wages, rent, etc.they are indicated on the firm's balance sheet and firm have liability to pay this outstanding expenses in future when firm have cash in hand. Creditor Definition: ……“Creditor is an accounting expression to indicate a party that has delivered a product, service or loan, and is owed money by one or more debtors”. In simple

  • Liabilities

    944 Words  | 4 Pages

    Liabilities The role of a liability and what it means to the business as a whole is different for every business. What remains the same is the definition. A liability is a company’s legal debts or obligations that arise during the course of business operations and is recorded on the balance sheet. Liabilities can include many things to a business, such as, loans, accounts payable, mortgages, accrued expenses, etc. All the named liability accounts are just fancy for any money or service that is

  • Current Liabilities and Contingencies

    2104 Words  | 9 Pages

    11 Current Liabilities, Contingencies & Provisions Required Reading: Alfredson – Chap 5, Keiso – Chaps 13, IAS 37 Learning Objectives 1. CURRENT LIABILITIES: – Define and explain types of current liabilities. – Account for the major types 2. IAS 37 PROVISIONS & CONTINGENCIES – Define Provisions and answer the following questions: • • • Why do them When to provide How much to provide – Calculate and account for Restructuring Provisions – Define Contingent Assets & Liabilities and apply

  • Current And Long Term Liabilities

    1504 Words  | 7 Pages

    is to make profits, but understanding how to manage both current and long-term liabilities will insure an organizations success. A liability is a debt incurred by a business that must be repaid. There are current liabilities, which need to be repaid within one year and there are long-term liabilities that are repaid over a period of time longer than a year. A business needs money to operate, and by incurring liabilities it gives a business the extra money or assets that are needed to extend the operational

  • Limited Liability And Unlimited Liability

    1686 Words  | 7 Pages

    Limited liability is a socialist market economy terminology, generally referred to in the economic field. Limited liability and unlimited liability is relative, the two investors to assume its responsibility in the form of debt-funded enterprises. The so-called limited liability that is limited repayment liability means investors only invest their own capital to the business enterprise debt repayment bear responsibility, insolvency, excess liability form part of its natural exempt. Limited liability

  • Balance Sheet and Current Liabilities

    8274 Words  | 34 Pages

    Ch8 Student: ___________________________________________________________________________ 1. Delta, Northwest, and United Airlines have all, at one time, filed for bankruptcy. True 2. In a classified balance sheet, we categorize all liabilities as current. True 3. False A line of credit is an informal agreement that permits a company to borrow up to a prearranged limit without having to follow formal loan procedures and paperwork. True 9. False We record interest expense in the period in

  • Negligence Liability

    791 Words  | 4 Pages

    manufacturers are today in being held strictly reliable. To entice manufacturers, and relieve their concerns they will not be unfairly held accountable for the negligence of drivers; it is significant to discuss how a driver could be at fault. Negligence liability (NL) is less efficient than that of SPL because it requires a higher burdened of proof. A court will recognize negligence when (1) an act or a failure to act falls below the standard of due care (i.e. a breach), that act or failure (2) actually and

  • Asset Liability Management in Banks

    2021 Words  | 9 Pages

    5 Asset and Liability Management (ALM) 29. There are different organizational and governance models that guide the management of bank asset and liability activities. The models reflect fundamentally different risk philosophies that tend to evolve with the growing sophistication and depth of financial markets together with the position and activities undertaken by a bank in the market. The terms ‘ALM unit’ and ‘treasury unit’, can be confusing as they are often used by organizations who assign

  • Vicarious Liability

    1503 Words  | 7 Pages

    Seminar 7 Vicarious Liability The problem question deals mainly with the issue of Vicarious Liability and Negligence. In order to advise Jerry one would have to explore the rules of vicarious liability, relevant statute law and case law which may apply. Vicarious liability has been defined as the person who commits a wrong must be an employee and not an independent contractor, the employee must have committed a tort and the tort must have been in the course of employment. The doctrine of ‘vicarious

  • Professional Liability And Legal Liability Insurance

    911 Words  | 4 Pages

    The profession that I have chosen to concentrate on is that of a personal trainer, specifically issues concerning liability insurance. Personal trainers provide direction and supervision to clients within the realm sports and exercise realm. The chosen place of employment is often work out facilities. It may also include working with clients at other locations, such as the client or trainer’s homes. Personal trainers work both as employees and as independent contractors. I think that I would