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 ?
She began her career at Lloyd's in underwriting and claims on energy, marine and liability accounts.
Moreover, it added the amount of qualifying liabilities has been adjusted through the application of conversion factors to retail current and regular savings deposits worth P500,000 and below and certain liability accounts.
The county's proportionate share of ERS's liability accounts for the bulk of its pension liability.
Following the adoption of two voluntary commitments by the two sectors of the food processing industry in the field of achieving the goals of the National Food Strategy, the Committee for Monitoring the Implementation of Liability Accounts, composed of representatives of state institutions, confirmed the success and effectiveness of the project.
Another complaint involved the balances of several asset and liability accounts totaling P26.8 billion and P27.3 million, respectively, which have been dormant for more than five years, 'casting doubt on their validity and reliability,' according to the memorandum.
He will be focusing on solving the coverage needs of both smaller and larger, complex Professional and Management Liability accounts. Smid's target classes will include Architect and Engineers Professional Liability, Contractors Professional Liability, Lawyers Professional Liability, Accountants Professional Liability, and Real Estate E&O.
In contrast, the indirect method starts with net income (for-profit entities) or the change in net assets (NFP entities), adds back non-cash expenses, removes gains and losses, and adjusts for the changes in current asset and current liability accounts. While the net cash provided or used by operating activities is the same with either method, the direct method directly provides the information users hope to ascertain from the statement.
Most recently, McDermott worked as an Account Executive and Underwriter at CM&F Group, Inc., 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. The dispute revolves around the payment of EUR 151 million.
"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.