ACC 110 Chapter Notes - Chapter 9: Current Liability, Accounts Payable

90 views1 pages

Document Summary

Liabilities: obligations to provide cash, goods, or services to customers, suppliers, employees, government, lenders and anyone else an entity (owes something to ) Settlement requires a sacrifice of resources and not negotiable. Current liabilities: obligations that will be satisfied in one year or one operating cycle. Long-term liabilities: obligations that will be satisfied over one year or longer than one operating cycle. Demand loans must be repaid whenever the lender request repayment. Considered current because lender"s right to call the load at any time even though they rarely demand repayment and the loans remain on the book for a long time. Amount an entity owes to suppliers for goods and service. Goods and services include anything the entity uses in the course of its operation, including inventory, supplies, labour and etc. Most entities act as tax collectors for various government taxation authorities. Tax on income to both the federal and provincial government.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

Related Questions