ACCT-110 Lecture Notes - Lecture 8: Promissory Note, Contingent Liability
Document Summary
Payroll liabilities, multi-period known liabilities: cl usually has some element of uncertainty to them but the obligation exists and can be reasonably estimated. Accounts payable: represent $ due for previous purchases. Sales tax payable: represent $ due for a sale to a taxing entity. Unearned revenue: represent services due for $ received in the past. Notes payable: represent $ due for a short term loan. Payroll liabilities: represent payments due to taxing entities for employees on staff. Multi-period known liabilities: often include unearned revenues and notes payable. Estimated liabilities: represent payments due for multiple time periods (ex: pensions, health benefits, warranties) Potential obligation that depends on a future event. Potential obligation that depends on a future event arising out of a past transaction or event. arising out of a past transaction or event. No notes to the action. financial stmts. financial stmts.
