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

Learn how accounting spreadsheets work with real examples of journals plus when to switch to accounting software.

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 ...

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 ...