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Topic 7
Accounting for Current Liabilitiesand Long-Term Liabilities
 
 
Learning Objectives
1.Explain a current liability and identify themajor types of current liabilities.2.Describe the accounting for notespayable.3.Explain a long-term liability and identifythe major types of long-term liabilities.4.Describe the accounting for notespayable and mortgage payable
 
 
Current Liabilities
•Definition:
A debt that can reasonably be expected to bepaid(1)from existing current assets or throughthe creation of other current liabilities,and(2)within one year or the operating cycle,whichever is longer.
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