Current Liabilities - Law Dictionary Search Results
Home Dictionary Name: current liabilitiesCurrent liabilities
Current liabilities, means liabilities which must be met on demand or within a period of twelve months from the date they are incurred; and includes any current liability which is suspended under s. 18FB. [Industries (Development and Regulation) Act, 1951 (65 of 1951), s. 3 (ac)]...
current liabilities
current liabilities Debts that must be paid within a relatively short period of time, usually within one year ...
current ratio
current ratio A ratio of a business' current assets to its current liabilities ...
asset
asset [back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough] 1 : the entire property of a person, business organization, or estate that is subject to the payment of debts used in pl. compare equity 2 : an item of property owned admitted asset : an asset allowed by law to be included in determining the financial condition of an insurance company compare nonadmitted asset in this entry appointive asset : an asset in an estate that is to be distributed under a power of appointment capital asset : a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner's business ;specif : any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code) cur·rent asset : a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash equitable asset : an asset esp. in an estate that is sub...
liquid
liquid 1 a : consisting of cash or capable of ready conversion into cash [ assets] b : capable of covering current liabilities out of current assets esp. in a rapid manner [a insurer] 2 : of or relating to a security or commodity with enough shares or units outstanding to hinder significant price variation from large transactions ...
Quick-asset ratio
Quick-asset ratio, means the ratio between an entity's current or liquid assets (such as cash and accounts receivable) and its current liabilities. Also termed quick ratio; acid-test ratio, Black's Law Dictionary, 7th Edn., p. 1260....
liability
liability pl: -ties 1 : the quality or state of being liable 2 : something for which one is liable: as a : a financial obligation : debt [tax ] [the bonds are liabilities] compare asset contingent liability : an amount that may or may not be owed depending on the outcome of a contingency (as a cosigner's default on a loan) fixed liability : a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given date b : accountability and responsibility to another enforceable by civil remedies or criminal sanctions [ for injuries caused by their product] absolute liability : strict liability in this entry alternative liability : joint liability imposed on multiple tortfeasors when there are simultaneous tortious acts (as defective manufacture of parts of a wheel by different manufacturers) and uncertainty as to which act was the proximate cause of an injury compare concert of action civil liability : liability imposed under c...
electric current
the movement of electrically charged particles atoms or ions through solids liquids gases or free space the term is usually used of relatively smooth movements of electric charge through conductors whether constant or variable Sudden movements of charge are usually referred to by other terms such as spark or lightning or discharge In metallic conductors the electric current is usually due to movement of electrons through the metal The current is measured as the rate of movement of charge per unit time and is counted in units of amperes As a formal definition the direction of movement of electric current is considered as the same as the direction of movement of positive charge or in a direction opposite to the movement of negative charge Electric current may move constantly in a single direction called direct current abbreviated DC or may move alternately in one direction and then the opposite direction called alternating current abbreviated AC...
Current official scale of rates
Current official scale of rates, the expression 'current' means 'vogue' or 'prevalent'; and 'current rate' may mean the rate obtaining at a particular time or at a future time or from time to time. The terms goes well with the present, future and recurrent, the words 'current official' scale of rates' in para IV of the agreement mean the official scale of rates current or prevalent from time to time during the currency of the agreement, Gopisetti Venkatratmam v. Vijayawada Municipality, AIR 1966 SC 353 (354, 355): (1965) 3 SCR 276. [Electricity Act, (9 of 1910), s. 21(2)]...
Direct current
A current flowing in one direction only distinguished from alternating current When steady and not pulsating a direct current is often called a continuous current...
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