Professional Documents
Culture Documents
n →
." * me accountants
SITUATIONS to
ESTIMATE FUTURE OUTCOMES .
AND WHAT ?
VALUE .
such As Assets AND services .
-
it DOESN'T ONLY MEAN MSM .
SO IN ORDER to recognize a
liability ,
THE TRANSACTION OR EVENT
THAT
TRANSFERRING
commit is NG US TO
ASSETS
PROVIDING OR services
MUST WAVE HAPPENED ALREADY !
-
FROM -
LIABILITIES or EQUITY .
IN A BALANCE SHEET LIABILITIES ARE ARRANGE IN ORDER OF
LIAB TOP it
THEIR DUEDAtE .
SHORT TERM . At THE OF
,
CURRENT LIABILITIES
ARE THE BUSINESSES OBLIGATIONS THAT Should BE SETTLED
-
ACCOUNTS PAYABLE -
RELATE to THE Bills or invoices
←
FROM AN ACCOUNTANT POV
CAT) (At) WHEN
( Lt) THE BUYER Receives THE
BUYER (L Tl SELLER
INVOICE FRAM THE SUPPLIER
,
SALARIES PAYABLE -
usually HAPPEN AT THE END
WE NEED TO RECOGNISE
A BALANCE FOR
SMARiESPAyABE .
-
TAXES PAYABLE
- INT ERES PAYABLE
-
ACCRUALS ( ACCRUED EXPENSES) -
ARE ADJUSTING
UNEARNED REVENUE -
SHORT-TERM LOANS
NON CURRENT LIABILITIES
-
within A YEAR .
-
LONG TERM LOANS
-
-
FROM A BANK OR ANOTHER FINANCIAL
INTEREST .
BONDS -
SIMILAR TO LOANS .
BUT THE MONEY is RAISED Directly
FROM PUBLIC .
BONDS ARE LESS FLEXIBLE .
MORTGAGES
-
EMPLOYEE PENSIONS
WERE NO SIGN .