{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Accounting Chapter 4 Notes

Two most widely used decisions aids in the business

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: heet lists liabilities in the order in which they must be paid. Balance sheets report two liability categories: Current liabilities and long- term liabilities Current Liabilities - Current liabilities must be paid either with cash or with goods and services within one year, or within the entity’s operating cycle if the cycle is longer than a year. Long- Term Liabilities - All liabilities that do not need to be paid within the entity’s operating cycle are classified as long- term liabilities. EX: When you buy a car, you often sign up for several years of car payments, making it a long- term liability. The Classified Balance Sheet - Classified Balance sheet: The balance sheet actually used in practice. Balance Sheet Forms - Classification means dividing assets and liabilities between those that will last less than a year (current) and those that will l...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern