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If you have financial liability, they you have to pay money if something goes wrong. Liability means you can be held responsible and financial means money.
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∙ 16y ago
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Is an accrual a financial liability?
no
How did corporations offer financial security to investors?
by limiting their financial liability
Is contingent liability credit or debit?
Contingent liability is not shown in financial statments until it if considerably clear that liability will be happend and until that time it is shown as a note in notes to financial statement section.
Is a leased car a financial liability?
Yes
What liability refers to a financial liability brought on by a loss that has resulted from illegal improper or incorrect payments?
Pecuniary
What is Unearned revenue reported as in a financial statements?
A liability.
Liability refers to a financial liability brought on by a loss that has resulted from illegal improper or incorrect payments?
Pecuniary
Where does interest payable belongs in the elements of financial statement?
liability
How did corporations offer security to investors?
by limiting their financial liability
What is the difference between Property owner's liability and Tenants liability?
Property owners Liability is the financial , legal liability attaches to property owners due to their property, where as tenants libility vice versa
What is the difference between annual liability and annual flow liability?
Annual liability is the amount of liabilities you have at a specfied date, while annual flow liability is the amount of annual liability thatmust be repaid during the next financial year.
Journal entry for contingent liability?
A contingent liability is a potential obligation that may arise in the future, depending on the outcome of a future event. It is documented in the financial statements as a disclosure rather than a recognition in the balance sheet. Contingent liabilities can include pending lawsuits, warranties, or product recalls, and their potential impact on the company's financial position should be clearly outlined in the journal entry.
