Claims and assets make up the backbone of the accounting systems. The famed accounting equation, seen in the budget sheet, is actually a rendition of total claims and total assets. Together, these two ...

When it comes to a company’s taxes, there are two important categories to understand: assets and liabilities. Tax liability is anything that a person or company owes taxes on, such as income or ...

In accounting terms, a liability is an amount that you owe a creditor. Liabilities generally fall into two categories -- current and long-term. Current liabilities include debts you owe that you ...

Assets and expenses are two important accounting concepts elemental to understanding your company’s performance. While both assets and expenses have a debit balance on your business’s financial ...

A balance sheet displays what a company owns, what it owes, how it's financed, and its shareholders' equity at a particular point in time. An income statement displays the company's revenues and ...