Liability: Difference between revisions
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{{g}}In general, a legally binding obligation to another person the value of which you should record on the debit side of your ledger. More usually, an undischarged obligation to pay someone an amount of [[money]]. | |||
A company’s [[shares]], by way of illustration, are ''not'' [[liabilities]], but rather represent an ''ownership'' interest in the issuing company. | |||
{{sa}} | |||
*[[Indebtedness]] | |||
*[[Money]] | |||
*[[Borrowed money]] | |||
Revision as of 16:43, 5 December 2019
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In general, a legally binding obligation to another person the value of which you should record on the debit side of your ledger. More usually, an undischarged obligation to pay someone an amount of money.
A company’s shares, by way of illustration, are not liabilities, but rather represent an ownership interest in the issuing company.