Finance / July 19, 2018 / Alicia Franklin
Liability is a financial obligation made by a company to pay certain amount for the goods or services received by the company in the past. The short-term legal agreements which are required to be paid within one year are referred as current liabilities. Current liabilities are reported under liabilities on balance sheet.
There are two basic parts to the cost of a car loan the principal and the interest. The principal is the negotiated cost of the vehicle itself. The interest refers to the total amount of the costs accrued over the life of the loan based on the principal amount and the stated interest rate.
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