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6 Cards in this Set
- Front
- Back
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Liability |
A probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events |
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Current Liabilities |
Aka short-term liabilities are obligations due within one year or company's operating cycle, whichever is longer. |
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Long term Liabilities |
Liabilities not expected to be paid within the longer of one year or the company's operating cycle |
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Unearned revenues |
Amounts received in advance from customers and prepayments for future products or services |
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Unearned Revenues (posting) |
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Short term notes payable |
A written promise to pay a specified amount on a definite future date within one year or the company's operating cycle |
