Learn what a contra liability account is, how it functions in financial accounting, and explore examples of this essential component in balancing liabilities.

A liability is a financial obligation or debt owed. Liabilities are key elements on every company’s balance sheet, and therefore, important to stock and bond investors. Learn more. In finance and ...

Christy Bieber has a JD from UCLA School of Law and began her career as a college instructor and textbook author. She has been writing full time for over a decade with a focus on making financial and ...

A federal tax liability is an amount that’s owed to the government in taxes. It can include income taxes on earnings and capital gains taxes on assets. Both are based on brackets, a percentage of the ...

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Liability constitutes an important, and oftentimes ruinous, aspect of business. Small businesses in particular may face complete collapse in the face of a liability lawsuit. Various types of liability ...