™ can help. We are expert bookkeepers that can help your small business with its bookkeeping needs. Here’s a short explanation of what Liability means. If we can be of more help explaining what Liability is or if we can help you with any of your small business bookkeeping needs, give us a call at 888-552-6657(888-55Books).™ provides a way for small businesses to have outsourced bookkeeping at a significant savings. We provide our clients with pre-printed envelopes. You stuff the envelopes and our expert team does the rest with detailed reports and timely compliance support. Not to mention, you now have a team of experts at your disposal should you have questions or last-minute needs. Let’s start with answering what Liability means:

Similar to Asset, the FASB has created a very specific definition of a liability: “a liability of an entity is a present economic obligation that is enforceable against the entity.”

  • By present, the FASB refers to the time of the financial statement.
  • The FASB defines economic obligation as an unconditional requirement to perform specified actions or provide risk protection against a specified risk.
  • Enforceable right is a legal right, or right enforceable by other means.

Need more information or help? Don’t hesitate to give us a call right now at 888-55Books. All initial consultations are free. Call a Helpful Human today!”

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