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

Discover how adjunct accounts enhance financial reporting by increasing liability book values. Learn how they differ from contra accounts and see real-world examples.

Accounting gives a business a way to keep track of its liabilities and expenses. In terms of liability vs. expense accounts, a liability refers to a financial obligation, or upcoming duty to pay. An ...

The payroll liabilities account in your general ledger is a holding place for payments due in the near future but not yet issued. One example of these expenses is your payroll taxes. If you file ...

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 ...

In the United States, companies can maintain two separate sets of books for financial and tax purposes. Since financial and tax accounting rules differ, temporary differences can arise between the two ...

A chart of accounts helps organize your business’s transactions to reveal where money is coming from and going to. Many, or all, of the products featured on this page are from our advertising partners ...

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 ...