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 ...

The value of your business on any given day is the difference between your assets and liabilities. While many assets have intangible benefits, such as goodwill, recipes and patents, liabilities are ...

Assets are quantifiable items — tangible or intangible — that add to your company’s value. Liabilities are what your company owes to others, whether that’s a vendor or a bank that issued a loan.

Assets generate income and appreciate in value, while liabilities drain resources and depreciate over time. Do you want to improve your net worth? Probably so. But if you’re like many people, you ...

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 ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

As a former claims handler and fraud investigator, Jason Metz has worked on a multitude of complex and multifaceted claims. The insurance industry can be seemingly opaque, and Jason enjoys breaking ...

Sales tax liabilities are funds collected from customers to be distributed to state and local tax agencies by businesses. Business owners and companies track sales tax liabilities on a sales tax ...