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Accounting for Liabilities and Equity, Equity, Liability, CL (Notes…
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Equity
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Share split
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The purpose of a share split is to increase the marketability of the shares by lowering the market price per share
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Liability
Current liability
an obligation that can reasonably be expected to be paid within 1 year (or within the operating cycle)
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A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits
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Loans payable
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Warranty
Dr Warranty expense, Cr Warranty provision
Contingent liabilities
liabilities for which the amount of future sacrifice is so uncertain that it cannot be measured reliably
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