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cards to finance his business ventures. Murdock's credit card debts would be classified as current liabilities
because they are due every month. Yet by making minimal payments and paying high interest each month,
Murdock used this credit source long-term. Some credit card balances remain outstanding for years as they
accumulate interest.
In Chapter I,we defined liabilities as creditors' claims on total assets and as existing debts and obligations.
These claims, debts, and obligations must be settled or paid at some time in the future by the transfer of
assets or services. The future date on which they are due or payable (maturity date) is a significant feature
of liabilities. This "future date" feature gives rise to two basic classifications of liabilities: (1) current liabilities
and (2) non-current liabilities. Our discussion in this chapter is divided into these two classifications.
The content and organization of Chapter 10 are as follows.
Notes payable
Sales taxes payable
Unearned revenues
Current maturities of long-term
debt
Statement presentation and
analysis
Bond basics
Accounting for bond issues
Accounting for bond
retirements
Accounting for long-term notes
payable
Statement presentation and
analysis
Explain a current li
identilj the major
current liabilities.