Best Liabilities Homework help
Liability is a term of financial accounting which means future sacrifices of business or economic benefits that the entity is obliged to make to other entities as a result of past transaction and past event. And this entity had a settlement which results in transfer and use of assets or other yielding of economic benefits. As liability is classification of finance there are many websites proving liabilities numerical help.
Other characteristics of liability:
- Borrowing money as loan from a person or bank for development of business of personal income and it is payable during short term or long term.
- Liability is a duty or responsibility which entails settlement by upcoming transfer or utilization of assets or other transaction yielding economic benefits.
- Liability is something, that someone responsible for.
There are mainly two types of obligations:
Equitable Obligation: It is a duty based on moral and ethical obligations.
Constructive Obligation: It is a set of Obligation that is implied by a set of circumstances in a particular situation.
Liabilities in financial accounting are not legally enforceable.A liability mainly refers to specific field they are legal liabilities and public liabilities. Liabilities is classified into two types they are current and non- current liabilities. Current liability is one which the entity expects to pay within one year from the reporting date and Non-current liability is one which entity expects to settle after one year from the reporting date.
Liabilities assignment help clients to understand it in different way as it is shown:
Current Liability + Non- current Liability = Total Liability
Types and Examples of Liability
| Liability
|
Classification |
| Long term bank loan
|
Non- current liability |
| Trade payable
|
Current liability |
| Short term bank loan
|
Current liability
|
| Tax payable
|
Current liability |
There is also an accounting equation which relates assets, liabilities and Owner’s equity:
Assets = Liabilities+ Owner’s Equity
This accounting equation is the mathematical structure of balance sheet. This definition is accepted and recommended by the International Accounting Standards Board.
Need liabilities numerical help:
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