What Does Current Liability Mean? Contents[show] The most common current liabilities includeaccounts payable,notes payable, taxes payable,accrued wages, andunearned income—so basically any payable that will require payment in full within the current accounting period. Notice I said that these debts ...
What does the term solvency mean? What is the difference between an asset and a liability? Distinguish between a current liability and a long-term debt. Explain the difference between determinable and uncertain current liabilities and give a few examples of each. ...
Women play multiple roles at home – a wife, a mother, a daughter. They often put others before self but there is a need to look out for yourself. Your life partner is not a financial plan. Whether they stick around or not, a life partner does not ensure you have the financial mean...
What Does Liability Mean? Contents[show] There are many different types of liabilities including accounts payable, payroll taxes payable, and bank notes. Basically, any money owed to an entity other than a company owner is listed on thebalance sheetas a liability. ...
What does tax exhaustion mean? A、All avenues have been explored to minimise corporation tax. B、As deductions have reduced tax payable to zero, further deductions won't save tax. C、Non-current assets have a zero tax written down value....
Definition of Current Portion of Long-Term Debt The current portion oflong-term debtis the amount of principal that will be due within one year of the date of thebalance sheet. This amount is reported on the balance sheet as one of the company’s current liabilities. (A company in an in...
What does measurement basis mean in accounting policies? Explain the present value concept and how it applies to long-term liabilities. What does 'An accrual is used when the actual expense of servicing the loan is less than the stated loan rate, which would occur when the loan...
What does this mean? It means that this company collected its accounts receivable 2-times faster than it sold credit and had an average AR balance of just one-fifth of its annual credit sales. This demonstrates strong collection abilities on the company's part. ...
If the corporation also owes state, local, or foreign income taxes, its balance sheet will reflect those liabilities as well. What Does the Term Income Tax Payable Mean? “Income tax payable” is a financial accounting term for the current liability reported on an organization’s balance sheet...
Thecurrent ratio(also known asworking capitalratio) measures the liquidity of a company and is calculated by dividing its current assets by its current liabilities. The termcurrentrefers to short-term assets or liabilities that are consumed (assets) and paid off (liabilities) is less than one ye...