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

A liability is a financial obligation or debt owed. Liabilities are key elements on every company’s balance sheet, and therefore, important to stock and bond investors. Learn more. In finance and ...

The value of your business on any given day is the difference between your assets and liabilities. While many assets have intangible benefits, such as goodwill, recipes and patents, liabilities are ...

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 ...

Discover how accounts payable function as short-term liabilities, not expenses, and learn how they impact a company's ...

Payroll liabilities are payroll-related fees your company owes. Learn payroll liability types, how they differ from payroll ...

Assets generate income and appreciate in value, while liabilities drain resources and depreciate over time. Do you want to improve your net worth? Probably so. But if you’re like many people, you ...

The limitation of liability is one of the most important clauses in a software license agreement because it limits the amount and types of damages one party can recover from the other party. For ...

You’re fresh out of college, a new hire at the local CPA firm. It’s your first tax season, and you’re handed a business tax return to prepare. As you peruse the file, you notice that in preparing the ...

As a former claims handler and fraud investigator, Jason Metz has worked on a multitude of complex and multifaceted claims. The insurance industry can be seemingly opaque, and Jason enjoys breaking ...