Costing and Liabilities: Difference between pages

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1. ''Cost and management accounting.''
1. ''Financial reporting - balance sheet''.


Costing is the process of determining the cost of products or services to be produced and supplied.
In financial reporting, liabilities are amounts or obligations of a reporting entity arising from past transactions or events, the settlement of which may result in:


Such costings may then be used, in turn, to plan selling prices or other management decisions.
* The transfer or use of assets, for example payments of money
* The provision of services or
* Other yielding of economic benefits in the future.


Examples include overdrafts, trade payables, accruals and provisions.


2. ''Noun.''


The term costings is also used more broadly for the proposed or estimated costs or prices for any product, service or activity.
Liabilities are represented in the balance sheet by credit balances.




3. ''Verb.''
2. ''Lending - borrowing.''


Costing can also refer to the process of obtaining costings, as described in 2. above.
More generally, liabilities are any obligations or amounts owed to others (whether or not they are obligations of a financial reporting entity).




== See also ==
== See also ==
* [[Absorption costing]]
* [[Accrual]]
* [[Activity-based costing]]
* [[Assets]]
* [[Budget]]
* [[Balance]]
* [[Cost centre]]
* [[Balance sheet]]
* [[Direct costs]]
* [[Capital]]
* [[Fixed cost]]
* [[Compound instrument]]
* [[Indirect costs]]
* [[Credit balance]]
* [[Job costing]]
* [[Disaggregation]]
* [[Forecast]]
* [[Equity]]
* [[Management accounting]]
* [[Exemption clause]]
* [[Marginal costing]]
* [[Fair value]]
* [[Process costing]]
* [[Financial liability]]
* [[Variable cost]]
* [[Financial reporting]]
* [[Indemnity clause]]
* [[Interest gap]]
* [[Liabilities and equity]]
* [[Mismatch]]
* [[Net assets]]
* [[Net worth]]
* [[Off balance sheet finance]]
* [[Offset]]
* [[Overdraft]]
* [[Provision]]
* [[Reporting entity]]
* [[Trade payables]]
* [[Wealth]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]

Revision as of 16:16, 18 July 2022

1. Financial reporting - balance sheet.

In financial reporting, liabilities are amounts or obligations of a reporting entity arising from past transactions or events, the settlement of which may result in:

  • The transfer or use of assets, for example payments of money
  • The provision of services or
  • Other yielding of economic benefits in the future.

Examples include overdrafts, trade payables, accruals and provisions.


Liabilities are represented in the balance sheet by credit balances.


2. Lending - borrowing.

More generally, liabilities are any obligations or amounts owed to others (whether or not they are obligations of a financial reporting entity).


See also

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