Liability Accounts

Liability Accounts

 

bookkeeping accounts that reflect the sources of formation of economic capital and the goals for which the capital is intended. Liability accounts are used for keeping track of various funds, loans, and obligations to suppliers and other creditors. They include the settlement accounts of organizations with their own circulating capital (enterprises, production associations, and economic organizations) and the current accounts of kolkhozes and budget, trade union, and public organizations. They also include the capital accounts of Union, republic, and local budgets, as well as deposits by the population.

Other liability accounts are the accounts in which enterprises and organizations accumulate capital for financing and long-term crediting of capital investments; special-purpose asset and fund accounts; indivisible kolkhoz funds; the State Bank’s own funds, operating incomes, and undistributed profits; and accounts that record the entry of banknotes and coins into circulation. The balance in a liability account can only be a credit balance.

References in periodicals archive ?
The total adjusted net pension liability accounts for less than 0.
Another complaint involved the balances of several asset and liability accounts totaling P26.
He will be focusing on solving the coverage needs of both smaller and larger, complex Professional and Management Liability accounts.
Haynes started his career in London in 2005 with QBE Europe/DAC 386 Syndicate working on various International Liability accounts before moving to Singapore in 2012.
where he was responsible for underwriting and maintaining over 300 professional liability accounts for individual healthcare professionals and groups.
Deferred asset or liability accounts would be adjusted to achieve the straight-line rent expense or rental income.
The balance sheet for the company contains seven asset and liability accounts related to income tax.
In November 2013 seven of Alpine's creditor banks brought a case against the Republic of Austria due to refused payments from liability accounts.
New retail liability accounts increased by 19%, where BBE offered the new unlimited account providing a large variety of benefits to the customers," read the statement.
At Higginbotham, Sawyer will retain current clientele and focus his group's practice on producing personal home, auto and liability accounts.
Lastly, changes in individual current asset and liability accounts are also included.
Credits to liability accounts to show the amounts owed to outsiders.