Module08 - Module 8 Reporting and Analyzing Nonowner...

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1 Module 8 Reporting and Analyzing Nonowner Financing Activities Accounting Equation: Another Look Liability Recognition Determinable Contingent Liability Liability Current Liability Long Term
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2 Liability Recognition Determinable Contingent Liability Liability Record at Record at Current Face Value Face Value Liability *how likely? Record at Record at Long Term Present Value Present Value Liability *how likely Current Liabilities Account Name Also Called Definition Accounts Payable Trade Accounts Payable Obligations to pay for goods and services used in the basic operating activities of the business. Accrued Liabilities Accrued Expenses Obligations related to expenses that have been incurred, but will not be paid until the subsequent period. Deferred Revenues Unearned Revenues Obligations arising when cash is received prior to the related revenue being earned. Note Payable* N/A Portions of debt that are due within the next year or operating cycle. Accounts Payable Example
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3 Accounts Payable Turnover and Days Payable Outstanding Wages Accrual Example ± Failure to recognize this liability and associated expense
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This note was uploaded on 05/12/2010 for the course ACG 5065 taught by Professor Asare during the Spring '08 term at University of Florida.

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Module08 - Module 8 Reporting and Analyzing Nonowner...

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