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Home > Business & Careers > Accounting   »   What are creditor's claims on the assets of a company called?

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Old Sep 29, 2007, 03:18 PM
vkcadenhead
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What are creditor's claims on the assets of a company called?
net loss, expense or liability?

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Old Sep 29, 2007, 07:10 PM   #2  
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neither.

it is a decrease to retained earnings.
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Old Sep 30, 2007, 07:25 AM   #3  
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That would be a liability. A liability is money that you owe to another company.

Edit: Didn't realize CaptainForest was the accounting expert, I'm just going with what I read, maybe I read it differently.

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CaptainForest agrees: 100% Correct
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Old Sep 30, 2007, 11:38 AM   #4  
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Thank you!
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Old Oct 1, 2007, 10:19 PM   #5  
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Either the question was changed or I read another question and then posted the answer here.

But I could have sworn the question was what does a net loss decrease…an asset or liability.

Which is why I answered the way I did.

But as the question reads now, the answer is clearly a liability.
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Old Oct 1, 2007, 10:35 PM   #6  
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Upon further reflection and analysis…I think I might have just severally misread the question.
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