i want to know about lybilities and types of lybilities of a business
2006-11-26 23:58:59 · 8 answers · asked by sufyan a 1 in Business & Finance ➔ Other - Business & Finance
Did you mean "Liabilities?" If so:
a liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.
Liabilities have three essential characteristics:
They embody a duty or responsibility to others that entails settlement by future transfer or use of assets, provision of services or other yielding of economic benefits, at a specified or determinable date, on occurrence of a specified event, or on demand;
The duty or responsibility obligates the entity leaving it little or no discretion to avoid it; and,
The transaction or event obligating the entity has already occurred.
Liabilities in financial accounting need not be legally enforceable; but can be based on equitable obligations or constructive obligations. An equitable obligation is a duty based on ethical or moral considerations. A constructive obligation is an obligation that can be inferred from a set of facts in a particular situation as opposed to a contractually based obligation.
2006-11-27 00:01:53 · answer #1 · answered by skigod377 5 · 1⤊ 0⤋
Did you mean "Liabilities?" If so:
a liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.
Liabilities have three essential characteristics
ooopps the one first told it so i needn continue?
2006-11-27 08:40:37 · answer #2 · answered by jaison_firebolt 1 · 0⤊ 0⤋
LIABILITIES MEANS ONE TYPE OF DEBT &U HAVE TO PAY IT WITHIN THE SHORT TIME PERIOD
TYPES OF LIABILITIES
1 SHORT TERM
2LONG TERM
2006-11-29 09:13:19 · answer #3 · answered by RAJESH W 1 · 0⤊ 0⤋
Ask any commerce student about it.However with correct spelling.
2006-11-27 08:06:38 · answer #4 · answered by shri 6 · 0⤊ 0⤋
liabilities: you ve to dedicate urself to fulfill at any cost.
2006-11-27 08:23:33 · answer #5 · answered by hem4238 1 · 0⤊ 0⤋
you got the wrong spell, its LIABILITIES.
It means, there is no limit to what someone can be held responsible for.
2006-11-27 08:03:14 · answer #6 · answered by Justin 4 · 0⤊ 0⤋
is the amount of money that you owe others.
2006-11-27 08:06:18 · answer #7 · answered by GoCool 2 · 0⤊ 0⤋
please correct the spelling first.
2006-11-27 10:11:27 · answer #8 · answered by sushrut 2 · 0⤊ 0⤋