Summary of Study Objectives

Summary of Study Objectives - Summary of Study Objectives 1...

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Summary of Study Objectives 1 Explain a current liability and identify the major types of liability is a debt that a company can reasonably expect to pay assets or through the creation of other current liabilities, and ( operating cycle, whichever is longer. The major types of curre payable, accounts payable, sales taxes payable, unearned reve such as taxes, salaries and wages, and interest payable. 2 Describe the accounting for notes payable. When a promiss the amount of assets received upon the issuance of the note is value of the note, and interest expense is accrued over the life amount paid is equal to the face value of the note plus accrued 3 Explain the accounting for other current liabilities. payable at the time the related sales occur. The company serve taxing authority. Sales taxes are not an expense to the compan withholding taxes, and credit them to appropriate liability acc taxes to the governmental taxing authorities. Unearned revenu unearned revenue account. As the company earns the revenue
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Summary of Study Objectives - Summary of Study Objectives 1...

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