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Define the term - LIABILITIES
Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit. Name of the account used is Accounts Payable.
Another kind of liability is Notes Payable. This is a formal written promise to pay a particular amount of money at a definite future date.
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Some companies announce pro forma earnings and then disclose real earnings measured under US Generally Accepted Accounting Principles (GAAP) in their quarterly financial reports.
Q. What is Managerial accounting information? A Managerial accounting information is for internal use and provides special information for the managers of a company. The inform
Q. What do you mean by unearned revenue? A liability/revenue adjustment concerning unearned revenues covers situations in which a customer has transferred assets typically cash
The total assets of Capp Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.'s owner's equity?
Q. Underlying assumptions or concepts of accounting? The major underlying assumptions or concepts of accounting are (a) business entity (b) going concern (continuity) (c) money
Desrocher Ltd. issued an instalment note on January 1, 2014 (with a required yield of 9%), in exchange for land that it purchased from Safayeni Ltd. Safayeni's real estate agent
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