GLOSSARY of Accounting Terms -L
August 24th, 2006
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   RETURN TO GLOSSARY INDEX |
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Liability |
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. |
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Liquidity |
The availability of cash in the near future after taking account of financial commitments over this period. |
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Losses |
Decreases in economic benefits and as such they are no different in nature from other expenses. |
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