Accounting chap 9 vocab

Accounting chap 9 vocab - Vocab Chapter 9 Accounts payable...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Vocab Chapter 9 Accounts payable – amounts owed for inventory, goods, or services acquired in the normal course of business. Accrued liability – a liability resulting from the recognition of an expense before the payment of cash. Annuity – a series of payments of equal amounts. Compound interest – interest calculated on the principal plus previous amount of interest; interest on interest. Contingent asset – an existing condition for which the outcome is not known but by which the company stands to gain. Contingent liability – an existing condition for which the outcome is not known but depends on some future even; contingent loss. Current Liability – an obligation that will be satisfied within the next operating cycle or within one year if the cycle is shorter than one year; short-term liability. Current maturities of long-term debt – the portion of a long-term liability that will be paid within one year; long-term debt, current portion. Discount on notes payable –
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Accounting chap 9 vocab - Vocab Chapter 9 Accounts payable...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online