Textbook Notes (362,810)
Canada (158,054)
Accounting (526)
ACC 110 (66)
Chapter 9

Chapter 9

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Ryerson University
ACC 110
Brad Mac Master

Chapter 9 – Liabilities Liabilities: obligations – to provide cash, goods, or services to customers, suppliers, employees, government, lenders and anyone else an entity (owes something to”) - Results from past transactions or event - 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 Types of current liabilities: Bank and other demand loans - 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. Accounts Payable - 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
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