tailieunhanh - Lecture Issues in financial accounting – Lecture 15: Current liabilities and contingencies

The contents of this chapter include all of the following: Explain a current liability and identify the major types of current liabilities, describe the accounting for notes payable, explain the accounting for other current liabilities, explain why bonds are issued and identify the types of bonds. | Current Liabilities and Contingencies PART II: Corporate Accounting Concepts and Issues Lecture 15 Describe the nature, type, and valuation of current liabilities. Explain the classification issues of short-term debt expected to be refinanced. Identify types of employee-related liabilities. Identify the criteria used to account for and disclose gain and loss contingencies. Explain the accounting for different types of loss contingencies. Indicate how to present and analyze liabilities and contingencies. Learning Objectives Current Liabilities Contingencies Presentation and Analysis What is a liability? What is a current liability? Gain contingencies Loss contingencies Presentation of current liabilities Presentation of contingencies Analysis of current liabilities Current Liabilities and Contingencies What is a Liability? FASB, defines liabilities as: “Probable Future Sacrifices of Economic Benefits arising from present obligations of a particular entity to transfer assets or provide | Current Liabilities and Contingencies PART II: Corporate Accounting Concepts and Issues Lecture 15 Describe the nature, type, and valuation of current liabilities. Explain the classification issues of short-term debt expected to be refinanced. Identify types of employee-related liabilities. Identify the criteria used to account for and disclose gain and loss contingencies. Explain the accounting for different types of loss contingencies. Indicate how to present and analyze liabilities and contingencies. Learning Objectives Current Liabilities Contingencies Presentation and Analysis What is a liability? What is a current liability? Gain contingencies Loss contingencies Presentation of current liabilities Presentation of contingencies Analysis of current liabilities Current Liabilities and Contingencies What is a Liability? FASB, defines liabilities as: “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.” What is a Current Liability? Current liabilities are “obligations whose liquidation is reasonably expected to require use of existing resources properly classified as current assets, or the creation of other current liabilities.” LO 1 Describe the nature, type, and valuation of current liabilities. The operating cycle is the period of time elapsing between the acquisition of goods and services and the final cash realization resulting from sales and subsequent collections. What is a Current Liability? Typical Current Liabilities: Accounts payable. Notes payable. Current maturities of long-term debt. Short-term obligations expected to be refinanced. Dividends payable. Customer advances and deposits. Unearned revenues. Sales taxes payable. Income taxes payable. Employee-related liabilities. LO 1 Describe the nature, type, and valuation of current liabilities. Balances owed to others for goods, supplies,

• Kế toán - Kiểm toán
• Financial accounting
• Issues in financial accounting
• Kế toán tài chính
• Financial statements
• Current liabilities
• Analyzing liabilities
• Accounting standards
• Financial reporting
• Financial Accounting Standards Board
• Fundamental financial accounting
• Lecture Fundamental financial accounting concepts
• Financial statement
• Accounting cycle
• Accounting for accruals
• Lecture Financial accounting
• Accounting system
• Accounting activities
• Financial accounting practice
• Accounting information system
• Accounting terminology
• Reporting financial results
• Evaluating liquidity
• Business firms
• The financial reporting reform
• Accounting information
• Management accounting
• Accounting equation
• Accounting systems
• Decision making
• External financial reporting
• Accounting for business
• Lecture Accounting for business
• Financial accounting reports
• Statement of financial performance
• Accrual accounting systems
• Statement of financial position
• Mastering financial accounting essentials
• Financial accounting essentials
• Accrual accounting
• Income statement
• Accounting conventions
• Internal control
• Accounting for cash
• Accounting for receivables
• Computing uncollectible accounts expense
• Long term debt
• Accounting for long term debt
• Paper F3
• Revision kit 2016
• Accounting Financial
• Accounting Financial Review
• Financial Review accounting exam
• Study text 2016
• Language of business
• Double entry accounting system
• Credit terminology
• Merchandising businesses
• Accounting for merchandising businesses
• Accounting for inventories
• Cash discounts
• The accounting cycle
• International financial reporting standards
• Completing the accounting cycle
• Accounting worksheet
• Classified balance sheet