Which of the following are examples of other liabilities? (2024)

Which of the following are examples of other liabilities?

Other current liabilities include the income taxes due, interest due on loans, and some other liabilities that are less common, such as current obligations that arose from some restructuring and some gains on the sale of real estate in the prior year that were not recognized until the current year.

What are the other liabilities?

“Other liabilities,” as used in this section, includes all balance sheet liability accounts not covered specifically in other areas of the supervisory activity. Often they may be quite insignificant to the overall financial condition of a bank.

Which of the following are examples of liabilities?

Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.

What qualifies as other liabilities?

Likewise, the amount of income taxes, interest on nondeposit liabilities, and other expenses accrued through charges to expense during the current or prior periods, but not yet paid, are reported as other liabilities.

What are 10 liabilities?

Accounts payable, notes payable, accrued expenses, long-term debt, deferred revenue, unearned revenue, contingent liabilities, lease obligations, pension liabilities, and income taxes payable are the ten types of liabilities in accounting that provide information about a company's financial obligations and ...

What are current liabilities and other liabilities?

Current liabilities are the debts that a business expects to pay within 12 months while non-current liabilities are longer term. Both current and non-current liabilities are reported on the balance sheet. Non-current liabilities may also be called long-term liabilities.

What are other assets and liabilities examples?

  • Examples of assets: Cash, inventory, building, furniture, and accounts receivable.
  • Examples of liabilities: Loans, accounts payable, sales tax payable, and debts.

What is an example of a liability quizlet?

Examples of accrued liabilities include interest payable and income taxes payable.

What are 3 liabilities?

There are three primary classifications for liabilities. They are current liabilities, long-term liabilities and contingent liabilities. Current and long-term liabilities are going to be the most common ones that you see in your business.

What are personal liabilities?

Personal liability occurs in the event an accident, in or out of your home, that results in bodily injury or property damage that you are held legally responsible for.

Is other liabilities a debt?

In summary, all debts are liabilities, but not all liabilities are debts. Debt specifically refers to borrowed money, while liabilities refer to any financial obligation a company has to pay.

What are the other liabilities of a bank?

Bank Liabilities

Liability for a bank is anything that it owes to the outsiders. Examples of liabilities for a bank include distribution payments to customers from stock, interest paid to customers for savings and fixed deposits. The most common bank liabilities are: Loans taken from the central bank.

Is other liabilities part of debt?

The primary difference between Liability and Debt is that Liability is a wide term that includes all the money or financial obligations the company owes to the other party. In contrast, the debt is the narrow term and is part of the liability arising when the company borrows money from the other party.

What are all the total liabilities?

Total liabilities are the combined debts that an individual or company owes. They are generally broken down into three categories: short-term, long-term, and other liabilities.

What are other liabilities on the balance sheet?

Other current liabilities include the income taxes due, interest due on loans, and some other liabilities that are less common, such as current obligations that arose from some restructuring and some gains on the sale of real estate in the prior year that were not recognized until the current year.

Why are other liabilities not listed as current liabilities?

A company will classify a liability as non-current if it has a right to defer settlement for at least 12 months after the reporting date.

What are other liabilities and provisions in balance sheet?

A provision represents funds set aside for future expenses or other losses such as reductions in asset value. Types of provisions include bad debt, loan losses, tax payments, pensions, warranties, obsolete inventory, restructuring costs and asset impairment.

What are the liabilities of a company?

Liabilities are your business' debts or obligations which you need to fulfil in the future. This is the money you need to repay, the goods you need to provide or the services you need to perform. These responsibilities arise out of past transactions and need to be settled through the company's assets.

What is in long-term liabilities?

Long-term liabilities are typically due more than a year in the future. Examples of long-term liabilities include mortgage loans, bonds payable, and other long-term leases or loans, except the portion due in the current year. Short-term liabilities are due within the current year.

What is current liabilities in accounting?

Definition of Current Liabilities

Current liabilities are an enterprise's obligations or debts that are due within a year or within the normal functioning cycle. Moreover, current liabilities are settled by the use of a current asset, either by creating a new current liability or cash.

Which of the following is not an example of a liability *?

Expert-Verified Answer

According to the given information Cash is NOT an example of a liability.

Which of the following is a liability answer?

Creditors are a liability. Creditors means the persons to whom business owes money. Creditors are the persons to whom the money is payable by the business in future. So it is a liability of business towards creditors to pay them in future so it comes under current liabilities in balance sheet.

Is a car an example of a liability?

Yes and no. The vehicle is an asset with a cash value if you need to sell it. However, the car loan is a liability, and the loan should be deducted from the car's value.

Which are assets which are liabilities?

Assets represent the resources your business owns and that help generate revenue. Liabilities are considered the debt or financial obligations owed to other parties. Equity is the owner's interest in the company. As a general rule, assets should equal liabilities plus equity.

What is an example of Type 3 liability?

Type III liabilities

The third type of liabilities have uncertain future amounts but known payout dates. These are called Type III liabilities. An example of Type III liabilities are floating rate instruments and real rate bonds such as Treasury Inflation Protection Securities (TIPS).

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