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 ?
This application would provide an overview on public funds, detailing expenditure, asset and liability accounts and payment turn around for 30 day payments to suppliers.
June 23, 2015 /PRNewswire/ -- Bolder Healthcare Solutions announced today that it has recently acquired Avectus Healthcare Solutions, a leader in coordination of third party liability accounts and resolution of complex workers' compensation accounts for hospitals and trauma centers.
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.
The general account is known as the liability accounts, the separate account is used for equity funds and money market funds, which are used to help invest in the life insurance plan.
To offset the impacts of accrual-based accounting add decreases in current asset accounts (other than marketable securities) and increases in current liability accounts (other than short-term debt), and subtract increases in current asset accounts and decreases in current liability accounts.
Bob Wice is an E&O underwriter at Beazley, focusing on technology, media and professional liability accounts.
In other words, the deferred tax asset and deferred tax liability accounts on that date must be determined in accordance with the standards of FIN 48.
The common and simple approach used to compute the book-tax difference for these accrued liabilities is to subtract the ending balance from the beginning balance in the accrued liability accounts.