Basic Accounting Documents. Accounting System Purpose. An accurate picture of firm’s current profitability An estimate of firm’s current and future financial position Input to firm’s management information system An accurate record of past financial performance.By emi-washington
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Obligation. He ___ to learn hard last week because he ____ to write five tests this week.. had - has/needs. Question. Answer. 100. Obligation. Why ___ he stay at home every weekend? Because he ___ to work in his father\'s shop.. must has/needs. Question. Answer. 200. Obligation . She ____ to write
OBLIGATION. MUST AND TO HAVE TO. Must is a modal verb. It is used in the present or future. Must has no final s in the third person singular: You must, he must Must takes the bare infinitive: I must eat it up not I must to eat it up.
2. Liabilities are.. . Creditors claims on total assetsExisting debts and obligations. Liabilities must be settled in the future by transfer of assets or services.. 3. Current Liabilities. Can reasonably be expected to paidFrom existing current assets or through the creation of other current l
Liabilities. obligations of an entity to make a future payment or to deliver goods or services to the third parties in the future in return for cash borrowed or service used or goods acquired provide cash via borrowing, or savings of cash classified according to their due dates
LIABILITIES. Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. (SFAC #6, 1980). ESSENTIAL CHARACTERISTICS.
Liabilities. Chapter 10. Current Liabilities. Noncurrent Liabilities. The Nature of Liabilities. Defined as debts or obligations arising from past transactions or events. Maturity = 1 year or less. Maturity > 1 year. The acquisition of assets is financed from two sources:. DEBT. EQUITY.
Liabilities. Current--one year or less Current portion of long-term debt. Contingent Losses. Probable Reasonable Remote Probable and measurable…record Reasonable…disclose Remote…ignore. Contingent Gains. Probable…disclose Other…ignore. Appendices. 10A: Pensions 10B: Deferred taxes
Chapter 10. LIABILITIES. Current Liabilities. Noncurrent Liabilities. I.O.U. The Nature of Liabilities. Defined as debts or obligations arising from past transactions or events. Maturity = 1 year or less. Maturity > 1 year. DEBT. EQUITY.
Liabilities. 9. Learning Objectives. Describe the recording and reporting of various current liabilities. Describe the reporting of long-term liabilities and the cash flows associated with those liabilities.