Liability
Liability is an obligation a business owes to outsiders, such as debts, loans, or unpaid expenses. Liabilities can be current (due within a year) or long-term. They appear on the balance sheet and represent claims against the company’s assets by creditors or suppliers.
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Liquidity Ratio
A liquidity ratio evaluates a company’s ability to meet short-term obligations using its current assets. Common examples include the current…
Letter of Engagement
A letter of engagement outlines the scope, terms, and responsibilities of an accounting or auditing engagement between a firm and…
Lease Accounting
Lease accounting records the financial impact of lease agreements. Under modern standards (like IFRS 16), lessees must recognise leased assets…
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