Learn what a contra liability account is, how it functions in financial accounting, and explore examples of this essential component in balancing liabilities.

A liability is a financial obligation or debt owed. Liabilities are key elements on every company’s balance sheet, and therefore, important to stock and bond investors. Learn more. In finance and ...

As a former claims handler and fraud investigator, Jason Metz has worked on a multitude of complex and multifaceted claims. The insurance industry can be seemingly opaque, and Jason enjoys breaking ...

An insurance policy that service-related businesses need is professional liability insurance. Learn about what it covers and ...

Discover how adjunct accounts enhance financial reporting by increasing liability book values. Learn how they differ from contra accounts and see real-world examples.

Malpractice insurance, professional liability insurance (also called professional indemnity insurance), and errors and omissions (also called E&O insurance) are closely related. But what should you ...

The limitation of liability is one of the most important clauses in a software license agreement because it limits the amount and types of damages one party can recover from the other party. For ...