TAILIEUCHUNG - Lecture Principles of financial accouting - Chapter 11: Current liabilities and payroll accounting

After completing this chapter you should be able to: Describe current and long-term liabilities and their characteristics, identify and describe known current liabilities, explain how to account for contingent liabilities, compute the times interest earned ratio and use it to analyze liabilities, prepare entries to account for short-term notes payable. | Chapter 11 Current Liabilities Chapter 11: Current Liabilities and Payroll Accounting Defining Liabilities C 1 A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. This definition includes three crucial factors: 1. A past transaction or event. 2. A present obligation. 3. A future payment of assets or services. Classifying Liabilities Expected to be paid within one year or the company’s operating cycle, whichever is longer. Current Liabilities Not expected to be paid within one year or the company’s operating cycle, whichever is longer. Long-Term Liabilities C 1 Current liabilities are expected to be paid within one year or the normal operating cycle of the company, whichever is longer. Current liabilities are usually extinguished by payment of current assets. Long-term liabilities are not expected to be paid or extinguished within one year. In this chapter, we will concentrate on .

• Tài chính doanh nghiệp
• Accounting principles
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Current liabilities
• Payroll accounting
• Estimated liabilities
• Accounting information systems
• Fundamental system principles
• Technology based accounting systems
• Accounting information
• Financial accounting
• Managerial accounting
• Managerial cost
• Reporting manufacturing activities
• Merchandising operations
• Accounting cycle
• Completing the accounting cycle
• Classified balance sheet
• Accounting for partnerships
• Partnership form of organization
• Basic partnership accounting