文档介绍：The summary
江津
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Of chapter 8
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Part A—Current
liabilities
THE CONTENTS
Open Accounts and Notes
Accrued Liabilities
A Closer Look at the Current and Noncurrent Classification
Liabilities from Advance Collections
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Characteristics of Liabilities
What is a Current Liability
What is a Current Liability?
The abiligations payable within one year or within the firm's operating cycle .
Current Liabilities
Current Liabilities
Accounts payable
Taxes payable
Unearned revenues
Cash dividends payable
Short-term notes payable
Accrued expenses
Characteristics of Liabilities
Future
Probable future sacrifices of economic benefits.
Present
Arise from present obligations to other entities.
Past
Result from past transactions or events.
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Liabilities have three essential characteristics:
Open Accounts and Notes
obligations to suppliers of merchandise or of services purchased on open account.
Account payable
Trade Notes Payable 应付商业票据
Short-term Notes Payable 短期应付票据
Short-term loan notes payable
应付短期贷款票据
Cash borrowed from the bank and recognized by a promissory note. Note payable within one year.
Similar to accounts payable, but recognized by a written promissory note.
Credit lines 信用额度
Prearranged agreements with a bank that allow pany to borrow cash without following normal loan procedures and paperwork.
Line of credit 最高贷款限额
the maximum credit amount that firms or individuals are allowed to lend without the financial guarantee.
Interest
Interest-bearing Notes
Noninterest-bearing Notes
Notes without a stated interest rate carry an implicit, or effective rate.
The face account includes the interest.