TAILIEUCHUNG - Lecture Intermediate accounting (16th edition): Chapter 13 - Kieso, Weygandt, Warfield

Chapter 13 - Current liabilities and contingencies. After completing this chapter you should be able to: Describe the nature, type, and valuation of current liabilities, explain the classification issues of short-term debt expected to be refinanced, identify types of employee-related liabilities, identify the criteria used to account for and disclose gain and loss contingencies. | PREVIEW OF CHAPTER 13 Intermediate Accounting 16th Edition Kieso ● Weygandt ● Warfield Describe the nature, valuation, and reporting of current liabilities. Explain the classification issues of short-term debt expected to be refinanced. LEARNING OBJECTIVES Explain the accounting for gain and loss contingencies. Indicate how to present and analyze liabilities and contingencies. After studying this chapter, you should be able to: Current Liabilities and Contingencies 13 LO 1 CURRENT LIABILITIES “What is a Liability?” The FASB, defined liabilities as: “Probable Future Sacrifices of Economic Benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events.” LO 1 Recall: Current assets are cash or other assets that companies reasonably expect to convert into cash, sell, or consume in operations within a single operating cycle or within a year. Operating cycle: Period of time elapsing between the acquisition of goods and services and the final cash realization resulting from sales and subsequent collections. Current liabilities are “obligations whose liquidation is reasonably expected to require use of existing resources properly classified as current assets, or the creation of other current liabilities.” CURRENT LIABILITIES LO 1 Typical Current Liabilities: Accounts payable. Notes payable. Current maturities of long-term debt. Short-term obligations expected to be refinanced. Dividends payable. Customer advances and deposits. Unearned revenues. Sales taxes payable. Income taxes payable. Employee-related liabilities. CURRENT LIABILITIES LO 1 Balances owed to others for goods, supplies, or services purchased on open account. Time lag between the receipt of services or acquisition of title to assets and the payment for them. Terms of the sale (., 2/10, n/30 or 1/10, .) usually state period of extended credit, commonly 30 to 60 days. Accounts Payable .

• Kế toán - Kiểm toán
• Current liabilities
• Contingent assets
• Analysis of current liabilities
• Contingent liabilities
• Intermediate accounting
• Lecture Intermediate accounting
• Financial Accounting
• Principles of financial accounting
• Accounting information
• Classifying liabilities
• Uncertainty in liabilities
• Lecture Accounting principles
• Accounting principles
• Payroll accounting
• The financial statement presentation
• Lecture Financial accounting
• Long term liabilities
• Accrued liabilities
• Bonds payable
• Estimated liabilities
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Lecture International accounting
• International accounting
• Liabilities and payrol
• Current liabilities of known amount
• Accounting for payroll
• Interpreting liabilities
• Accounting system
• Disposition of property
• Intangible assets
• Lecture Accounting
• Accounting standards
• Owners’ equity
• Non current liabilities
• Issues in financial accounting
• Kế toán tài chính
• Financial statements
• Analyzing liabilities
• Financial reporting
• Lease liabilities
• Lecture Principles of financial accounting
• Bài giảng Nguyên lý kế toán tài chính
• Account for contingencies
• Account for estimated liabilities
• Notes Playable
• Payroll
• Long Term Obligations
• Employee Compensation