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Types of Liability Accounts

Types of Liability Accounts

Liabilities are defined as debts owed to other companies. In a sense, a liability is a creditor's claim on a company' assets. In other words, the creditor has the right to confiscate assets from a company if the company doesn't pay it debts.

Contents:

1 What is a Liability Account? – Definition 2 Types of Liability Accounts – Examples...

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Material Type:
Reference Material
Date Added to MERLOT:
September 3, 2018
Date Modified in MERLOT:
October 7, 2018
Author:
Unknown (Know the author?)
Submitter:
Cathy Swift
Asian American, Native American, Pacific Islander Serving Institution Hispanic Serving Institution
Primary Audience:
College Upper Division
Technical Format:
Website
Mobile Compatibility:
Not specified at this time
Language:
English
Cost Involved:
No
Source Code Available:
Unknown
Accessibility Information Available:
Unknown
Creative Commons:
No

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