11 - Presentation Deck - ACC 211: PRINCIPLES OF ACCOUNTING...

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ACC 211: PRINCIPLES OF ACCOUNTING CHAPTER 11: Current Liabilities and Payroll Accounting PRESENTATION DECK Prepared by: Jill Mitchell, Assistant Professor, NOVA Reference: Weygandt, Jerry, Kieso, and Kimmel. Accounting Principles Unless noted, illustrations are from the referenced text.
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Chapter 11-2 1.1 Define current liabilities 1.2 Describe and account for notes payable 1.3 Know how to account for sales tax payable Chapter 11: Current Liabilities and Payroll Accounting Course Competencies 2. Contingent Liabilities 1. Accounting for Current Liabilities 2.1 Describe the accounting and disclosure requirements for contingent liabilities
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Chapter 11-3 Accounting for Current Liabilities A current liability is a debt with two key features: (1) The company reasonably expects to pay the debt from existing current assets or through the creation of other current liabilities (2) The company will pay the debt within one year or the operating cycle, whichever is longer. * If the debt does not meet BOTH criteria, then the debt is classified as long-term liabilities. Current Liabilities include: Notes payable Accounts payable Unearned revenues Accrued liabilities (i.e. taxes, salaries, wages, interest payable) 1.1 Define current liabilities.
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Chapter 11-4 Notes Payables Notes Payable are written promissory notes that require the borrower to pay interest
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This note was uploaded on 02/28/2011 for the course ACC 211 taught by Professor Mitchell during the Spring '11 term at Northern Virginia Community College.

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11 - Presentation Deck - ACC 211: PRINCIPLES OF ACCOUNTING...

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