Define the term - liabilities, Accounting Basics

Assignment Help:

Define the term - LIABILITIES

Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit. Name of the account used is Accounts Payable.

Another kind of liability is Notes Payable. This is a formal written promise to pay a particular amount of money at a definite future date.

 


Related Discussions:- Define the term - liabilities

Adjusting entry, office supplies on hand at year-end amounted to 3000.

office supplies on hand at year-end amounted to 3000.

Can you explain about balance sheet, Q. Can you explain about balance sheet...

Q. Can you explain about balance sheet? The balance sheet, sometimes called as the statement of financial position lists the liabilities, company's assets and stockholders' equ

Explain accounting cycle, Q. Explain accounting cycle? Creditors, Inves...

Q. Explain accounting cycle? Creditors, Investors as well as Managers use these statements in evaluating management's past decisions and as a basis for making future decisions.

Balancesheet derivation question, Assignment Comments –    Debt-to-assets...

Assignment Comments –    Debt-to-assets ratio: 50% Current Ratio: 1.8x Total assets turnover: 1.5x       Days sales outstanding: 36.5 days* Gross profit margin

Concept of flow of funds, Concept of Flow of Funds :  It refers to the 'Cha...

Concept of Flow of Funds :  It refers to the 'Change in Funds' or 'Change in Working Capital'.  That is, any increase or decrease in Working Capital. In business, daily, numerous t

History of accounng, application/realization in history of accounting

application/realization in history of accounting

Annual interest of 5% paid if balance exceeds, Annual interest of 5% paid i...

Annual interest of 5% paid if balance exceeds 800, $7 monthly fee if account falls below minimum balance, average monthly balance $1,160, account falls below $800 during 5 months

Example of income statement, Q. Example of Income statement? Income sta...

Q. Example of Income statement? Income statement demonstrates the income statement Lyons prepared. The focal point in this income statement is on determining the cost of goods

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd