What are non current liabilities? What is a contingency, and how does it differ from a liability? Under what conditions should a contingency be reported as if it were a liability? What is the difference between a current liability and a long-term liability?
Which of the following is NOT a liability? A. accounts payable B. unearned revenue C. accumulated depreciation D. long-term debt Accounts: There are many accounts in an accounting system, and these are displayed through the chart of account...
Revolut was granted a UK banking license on 25th July 2024, however, it isn't currently recognised as a UK bank. It is now subject to a one-year ‘mobilisation' period in which certain restrictions apply.Until the banking license is fully approved, Revolut remains an elec...
(Future interest is not reported as a liability until the accounting periods in which the interest has accrued.) A long-term (noncurrent) liability for the difference between 1) the total unpaid principal balance owed as of the date of the balance sheet, minus 2) the principal payments that...
If a company has a loan, then the interest paid upon it can be considered an accrued liability. This is because interest payments tend to be paid either monthly or annually. Wages It is common for businesses who pay their employees bi-weekly to have wages as an accrued liability. This is...
Small business owners and self-employed individuals can use a Schedule C form to report profits or losses from a business. When you file your taxes, you can attach Schedule C to your regular 1040 form. If you recently became self-employed or started a bu
A home equity loan is a loan taken out against the equity in your home. Equity is the difference between the current market value of your home and the amount you still owe on your mortgage.
If you want to learn more about loan financing with Discover, taking a look at current rates forpersonal loansandhome equity loansmight help you decide what works best for you. The information provided herein is for informational purposes only and is not intended to be construed as professional...
A long-term liability is a loan that will not be fully repaid in the current period. Take a bank loan or mortgage for example. These loans typically have 15 or 30 year terms, so the borrower won’t actually pay off the entire balance and retire the loan in the current period. It wil...
to whoever possesses or controls that asset. Simply put, an asset is something of value that you own or that is owed to you. If you lend money to someone, that loan is also an asset because you are due that amount. For the person who owes the money, the loan is a liability. ...