[ L ]
Liability
o 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.
Liquidity
o The availability of cash in the near future after taking account of financial commitments over this period.
Losses
o Decreases in economic benefits and as such they are no different in nature from other expenses.
Last in first out (LIFO)
o a basis for costing the material content of a job on the basis that the newest stocks are used first.
Leverage
o refer to gearing
Liabilities
o amounts that a business owes to shareholders and outsiders. These may include debts of either a short-term or long-term nature.
Limited liability company
o a company limited by shares or guarantee is one where members are responsible only to the extent of their share capital or guarantee in the event of liquidation.
Liquid assets
o current assets minus stocks,being the least-liquid current asset
- Glossary Of Accounting &Finance Terms-Alphabet H
- Glossary of Accounting &Finance Terms-Alphabet C
- Glossary Of Accounting &Finance Terms-Alphabet D
- Glossary Of Accounting &Finance Terms-Alphabet N
- Glossary Of Accounting &Finance Terms-Alphabet G
- Glossary Of Accounting &Finance Terms-Alphabet F
- Glossary of Accounting &Finance Terms-Alphabet Q
FCCA,CA(MIA)with more than 26 years of post-qualifying working experiences. Previous working stints with one of the big accounting four,Regional GFC & Group Treasurer in a group of Malaysian and Group CFO in Singapore public listed concern.Also author to another very popular free educational accounting cum finance blog:http://basiccollegeaccounting.com under the branding of College Accounting Coach.
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