liabilities - Liabilities 1 A present obligation of the...

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Liabilities 1. A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits a. Payables c. Current Liability b. Liability d. Non-current Liability 2. Not liabilities as yet but may become liabilities in the future a. Estimated Liability c. Contingent Liabilities b. Deferred Liabilities d. Deferred Credits 3. A liability that is expected to be settled in the norm al course of the enterprise's operating cycle or is due to be settled within twelve months of the balance sheet date. 4. Amounts due trade creditors as a result of ordinary business transactions 5. Short-term obligations arising from the normal operating cycle which are evidenced by written promises to pay. 6. Arise when, before the corresponding liability to the bank is paid, the goods are released to the buyer in behalf of the bank which advanced the money for importation a. Acceptances Payable c. Estimated Liabilities b. Liabilities under trust receipts d. Accrued expenses payable 7. Obligation supported by drafts drawn by the supplier on the purchaser of goods and accepted by such purchaser. 8. Liabilities for expenses incurred on or before the balance sheet date but payable at a later date usually to specific persons, the amount determinable with reasonable accuracy.
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9. Accrued liabilities which can be determined only approximately or the specific persons to whom payment will be made may not be identified definitely but the existence of the liability is certain 10. Cash dividends that have been declared but not yet paid as the balance sheet date. a. Dividends in arrears c. Stock dividends payable b. Scrip dividends payables d. Cash dividends payable
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