Accrual accounting is the general accounting term that covers any of these liabilities. Companies use two methods to track these accumulated expenses: accrued expenses or accounts payable.

Calculating net worth: What are assets and liabilities? If you’re not sure what assets and liabilities are, here are some guidelines: Assets: Assets include cash — such as in your checking ...

LLP stands for limited liability partnership. As the name suggests, an LLP provides its members with a degree of liability protection, shielding them and their personal assets. "A partner of a ...