Liability: Current & Long-Term Liability, Types of Liabilities
Liabilities are obligations to pay money, render future services, or convey specified assets. They are claims against the company’s present and future assets and resources.
Liabilities are obligations to pay money, render future services, or convey specified assets. They are claims against the company’s present and future assets and resources.
A contingency is an existing condition, situation, or set of circumstances involving uncertainty about possible gain or loss to an enterprise that will ultimately be resolved when one or more future events occur or fail to occur. Contingency Liability Contingent liabilities are possible obligations arising from past events and depend upon the occurrence or non-occurrence…