handout for class 1

handout for class 1 - Key learning points 1 Definitions of...

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Handout #1 for Bus321-Intermediate Accounting II Professor: Yasheng Chen Notes for BUS321 Class 1: Current Liabilities and Contingencies Learning objectives: 1. Understand the definition of LIABILITY and CURRENT LIABILITY 2. Remember journal entries to record common current liabilities 3. Remember journal entries to record estimated liabilities 4. Understand PE GAAP and IFRS’s disclosure requirements for contingent liabilities. 5. Evaluate a firm’s short-term liquidity by analyzing its current liabilities.
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Unformatted text preview: Key learning points: 1 Definitions of Liabilities, financial liabilities, current liabilities, estimated liability, and contingencies 2. Three essential characteristics of a liability i. ii. iii. 3. Reclassification of some long-term and short-term debt a. Current Maturities of Long-Term Debt b. Short-Term Debt Expected to be Refinanced 4. Principles to record estimated liabilities a. b. 5. Conditions to accrue a contingent liability a. b. 1...
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