Liabilities are probable future payments of assets or services that past transactions or events obliga entity to make. Current liabilities are due within one year or the operating cycle, whichever is longe liabilities are long term.
Liabilities are probable future payments of assets or services that past transactions or events obliga entity to make. Current liabilities are due within one year or the operating cycle, whichever is longe liabilities are long term.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Applications Rapidldentity X
Principles of Accounting I- A X
O Question 2- Chapter 9 Quiz: A x
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Liabilities are probable future payments of assets or services that past transactions or events obligate an
entity to make. Current liabilities are due within one year or the operating cycle, whichever is longer. All other
liabilities are long term.
A money
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Knowledge Check 01
A company can be aware of an obligation, but not know how much it will be required to pay. This is known as an uncertainty in:
whom to pay.
when to pay.
how much to pay.
O when to record.
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