Explain the following terms with example each
(1) Drawing (2) Liabilities (3) Insolvent (4) Windows
Dressing
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1) Drawing in accounts is the record kept by a business owner or accountant that shows how much money has been withdrawn by business owners.
2) A liability is what a person or company owes, usually a sum of money. Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.
3) Insolvency is a type of financial distress, meaning the financial state in which a person or entity is no longer able to pay the bills or other obligations.
4) Window dressing means the act of making a company's performance, particularly its financial statements and reports, look attractive.
Hope it helps you
2) A liability is what a person or company owes, usually a sum of money. Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.
3) Insolvency is a type of financial distress, meaning the financial state in which a person or entity is no longer able to pay the bills or other obligations.
4) Window dressing means the act of making a company's performance, particularly its financial statements and reports, look attractive.
Hope it helps you
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