Responsibilities

Liability, Legal
Legal liability refers to obligations and responsibilities that are subject to evaluation, interpretation, and enforcement in a court of law. Casualty insurance provides coverage for an insured against civil legal liability suits, but not for criminal legal liability, intentional torts, or liability for breach of contract.
Memorandum of Understanding (MOU)
A Memorandum of Understanding (MOU) is a formal, non-binding agreement between two or more parties outlining the terms and details of an understanding, including each party's requirements and responsibilities.
U.S. Citizen
A U.S. citizen is any person born or naturalized in the United States and subject to its jurisdiction. This status affords certain rights, privileges, and responsibilities under U.S. law.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.