Category Archives: Bookkeeping

THE BEST 10 Accountants in SAN ANTONIO, TX Last Updated March 2024

We want to be more than just your bookkeeper professional, payroll specialist, and tax expert. We want to be your business counselor and consultant, who will listen, answer your questions, and give you advice, to help you succeed. CloudBookkeeping’s staff is well-versed with the complexities of bookkeeping — and we are the top choice for business […]

Contingent Liability: What Is It, and What Are Some Examples?

This liability is not required to be recorded in the books of accounts, but a disclosure might be preferred. Contingent Liabilities must be recorded if the contingency is deemed probable and the expected loss can be reasonably estimated. Therefore, contingent liabilities—as implied by the name—are conditional on the occurrence of a specified outcome. Any contingent […]

Reviewing Liabilities on the Balance Sheet

AP typically carries the largest balances, as they encompass the day-to-day operations. AP can include services, raw materials, office supplies or any other categories of products and services where no promissory note is issued. Since most companies do not pay for goods and services as they are acquired, AP is equivalent to a stack of bills […]