ch13_ins NIU F11 stu - CHAPTER 13 13 CURRENT LIABILITIES...

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Chapter 13-1 C H A P T E R C H A P T E R 13 13 CURRENT LIABILITIES AND CURRENT LIABILITIES AND CONTINGENCIES CONTINGENCIES Intermediate Accounting 13th Edition Kieso, Weygandt, and Warfield
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Chapter 13-2 1. Describe the nature, type, and valuation of current liabilities. 2. Explain the classification issues of short-term debt expected to be refinanced. 3. Identify types of employee-related liabilities. 4. Identify the criteria used to account for and disclose gain and loss  contingencies. 5. Explain the accounting for different types of loss contingencies. 6. Indicate how to present and analyze liabilities and contingencies. Learning Objectives Learning Objectives
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Chapter 13-3 Current Liabilities Current Liabilities Contingencies Contingencies Presentation and Presentation and Analysis Analysis What is a liability? What is a liability? What is a current What is a current liability? liability? Gain contingencies Gain contingencies Loss contingencies Loss contingencies Presentation of Presentation of current liabilities current liabilities Presentation of Presentation of contingencies contingencies Analysis of current Analysis of current liabilities liabilities Current Liabilities and Contingencies Current Liabilities and Contingencies
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Chapter 13-4 What is a Liability? What is a Liability? FASB, defines liabilities   as:  Probable Future Sacrifices of Economic Benefits  arising from present  obligations of a particular entity to transfer assets or provide services to  other entities in the future as a result of past transactions or events.”
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Chapter 13-5 What is a Current Liability? What is a Current Liability? Current liabilities   are “obligations whose liquidation is reasonably expected to  require use of existing resources properly classified as current assets, or the  creation of other current liabilities.” Typical Current Liabilities: Accounts payable. Notes payable. Current maturities of long-term debt. Short-term obligations expected to be  refinanced. Dividends payable. Customer advances and deposits. Unearned revenues. Sales taxes payable. Income taxes payable. Employee-related liabilities. LO 1 Describe the nature, type, and valuation of current liabilities.
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Chapter 13-6 Balances owed to others for goods, supplies, or services purchased on  open account. Accounts Payable (______ accounts payable) What is a Current Liability? What is a Current Liability? LO 1 Describe the nature, type, and valuation of current liabilities. Arise because of time lag between receipt of goods or services and  the payment for them.  The terms of the sale (e.g., __________ ) state period of extended  credit.
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Chapter 13-7 Written promises to pay a certain sum of money on a specified future  date. Notes Payable
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ch13_ins NIU F11 stu - CHAPTER 13 13 CURRENT LIABILITIES...

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