If a firm has received goods from a supplier, along with an invoice that remains unpaid when the balance sheet is drawn up at, say, 31 December, the amount outstanding is recorded as a straightforward ...

Accruing a likely contingent liability is part of responsible earnings management. Although you aren't likely to find the term "earnings management" in an accounting dictionary, the American Institute ...

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 ...