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York University
Administrative Studies
ADMS 2500
John Kucharczuk

Liability future payments of present obligation of past transactioncan be estimated payable unearn rev taxes Current liability within 1yr or next operating cycle whichever longer Shortterm Note payable current obligation note replace payable obtain bank loan purchasing Warranty agreement obligates seller to pay repair replace productRecognize warranty expenseliability warranty at time of sale Contingent liability potential future liability from past events Uncertainty Doubtful Acc not contingent a relative to business activity Bond written promise to pay par value of bond w interest at annual amountAdvantage dont affect shareholders interest tax deductible increase equity Disadvantage payments of annual interestpar value decrease on equity Par value can change updown lower price if not selling Interest rate contract rate coupon rate nominal rate annual amountpar value X interest rateSecured bonds assets pledge as collateral if not paid can take assets Unsecured bonds earns capacitycredit loan on credit high risk Term bonds due in lump sum at specific date Serial bonds due in instalments at several different dates Registered bonds issue to names of buyerskeep to date Bearer bonds payable to whoever processes themno records kept Convertible bonds buyer exchange for common shares at fixed ratio Callable bonds early retirement of issuing co
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