Learn what a contra liability account is, how it functions in financial accounting, and explore examples of this essential component in balancing liabilities.

A significant report for every business leader to review, at least annually, is the balance statement. It gives business leaders insight into the financial health of the company. To get a true picture ...

Liabilities includes all credit accounts on which your business owes principal and interest. These debts typically result from the use of borrowed money to pay for immediate asset needs. Long-term ...

Learn how accounting spreadsheets work with real examples of journals plus when to switch to accounting software.

Liabilities are the debts and obligations that detract from a company’s total value, which have to be paid over a certain period of time. The form of the debt can vary – common examples include ...

Learn what every business owner needs to know about financial accounting, accounting software and financial statements.

A CORPORATION THAT IS SOLD OR RESTRUCTURED faces significant uncertainty about how the government will tax contingent liabilities such as environmental, tort and similar obligations. This is ...