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

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 ...

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 ...

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 ...

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 limitation of liability is one of the most important clauses in a software license agreement because it limits the amount and types of damages one party can recover from the other party. For ...

An insurance policy that service-related businesses need is professional liability insurance. Learn about what it covers and ...