What does liable mean?
What does liable mean?
1a : obligated according to law or equity (see equity sense 3) : responsible liable for the debts incurred by his wife. b : subject to appropriation or attachment All his property is liable to pay his debts.
What are a person’s liabilities?
A liability is what a person or organization owes money on. This includes the obligation to pay taxes, loans, mortgage payments, and invoices for goods and services.
What is included in total liabilities?
Total liabilities are the combined debts that an individual or company owes. They are generally broken down into three categories: short-term, long-term, and other liabilities. On the balance sheet, total liabilities plus equity must equal total assets.
Are workers liabilities?
The big issue at hand is that the financial-accounting system is recording under OPEX the human resource element and the time/process of creating customer value from accounting recognized assets. So basically, from a CFO’s perspective all the employees are liabilities.
What is the most important asset in accounting?
Many experts consider the top line, or cash, the most important item on a company’s balance sheet. Other critical items include accounts receivable, short-term investments, property, plant, and equipment, and major liability items. The big three categories on any balance sheet are assets, liabilities, and equity.
What is a company’s greatest asset?
Employees should be recognized as a company’s greatest asset. Every company should make concentrated efforts to meet employee needs and desires in a cost-effective way, so that company performance will be improved. This improved performance should result in better customer service and increased shareholder value.
What are some examples of business assets?
List and examples of business assets
| Current assets | Fixed assets |
|---|---|
| Cash/cash equivalents Receivables Deposit accounts Money orders Cheques Bank drafts Marketable securities Investments (short term) Inventory Stock Prepaid expenses | Property Plant Equipment Tools and machinery Furniture Investments (long-term) |
Is a vehicle a business asset?
A business asset is an item of value owned by a company. Business assets span many categories. They can be physical, tangible goods, such as vehicles, real estate, computers, office furniture, and other fixtures, or intangible items, such as intellectual property.