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Finance: What is liability? 3 Views
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Description:
What is liability? Any type of lawful financial obligation that a company bears is categorized for accounting purposes as a liability. Liabilities can include debts, accounts payable, deferred revenues, deferred compensation, taxes and expenses still outstanding, In legal terms, liability can refer to any kind of responsibility that falls on the part of one party to owe an injured party.
- Social Studies / Finance
- Finance / Financial Responsibility
- Life Skills / Personal Finance
- Finance / Finance Definitions
- Life Skills / Finance Definitions
- Finance / Personal Finance
- Courses / Finance Concepts
- Subjects / Finance and Economics
- Finance and Economics / Terms and Concepts
- Terms and Concepts / Accounting
- Terms and Concepts / Banking
- Terms and Concepts / Company Valuation
- Terms and Concepts / Credit
- Terms and Concepts / Econ
- Terms and Concepts / Insurance
- Terms and Concepts / Metrics
- Terms and Concepts / Regulations
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- Terms and Concepts / Stocks
- Terms and Concepts / Wealth
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Transcript
- 00:00
Finance allah shmoop What is a liability What is it
- 00:07
it's what you owe you bought four million gumballs on
- 00:10
credit for your party pack for the parade the money
- 00:13
is owed to gumballs are us in ninety days that's
- 00:18
a short term liability Alright next example you borrowed eighty
Full Transcript
- 00:22
three million dollars to set up your new do dental
- 00:24
drive through service and that money is due in twelve
- 00:28
years at seven percent interest a year that's A long
- 00:31
term liability Why long term Because it comes due in
- 00:35
over a year and that's basically it liability comes in
- 00:39
two flavors short and long term and it's one of
- 00:41
the key elements of the balance sheet as it lives
- 00:43
in this space ride over here So yeah that's a
- 00:47
liability all this crap time now considering how many gumballs
- 00:51
you've consumed in the past month you really should get
- 00:53
yourself to a good drive through dentist or maybe sleep 00:00:56.998 --> [endTime] in mr
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