《会计英语第四版》课件单元5.ppt
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1、Lesson Five:Liabilities Aims:1.To explain what liability is.2.To discuss accounts payable and notes payable.3.To introduce what a long-term note payable is and how a company accounts for this type of debt.4.To discuss what risks are associated with long-term debt.5.To introduce bonds payable,and to
2、study how a company records and reports the transactions associated with bonds.5.1Definition of Liabilities Liabilities may be defined as the probable future sacrifice of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entitie
3、s in the future as a result of past transactions or events.Liabilities can be divided into two parts:current liabilities and long-term liabilities.5.2Current Liabilities Current liabilities are obligations that must be paid within one year or within the ope-rating cycle,whichever is longer.5.3Long-t
4、erm Liabilities Amounts owed to someone else which are payable after one year.Examples include:(1)Long term loans;(2)Debentures,which are long term loans secured on the business assets.This means if the business fails to repay back the loan on time the business assets are at risk.5.4The Kinds of Cur
5、rent Liabilities Among the most common examples of current liabilities are accounts payable,short-term notes payable,the current portion of long-term debt,accrued liabilities,and unearned revenue.5.5Accounts Payable Accounts payable often are subdivided into the categories of trade accounts payable
6、and other accounts payable.Trade accounts payable are short-term obligations to suppliers for purchases or merchandise.Other accounts payable include liabilities for any goods and services other than merchandise.5.6Notes Payable Notes payable are issued whenever bank loans are obtained.Other events
7、which may give rise to notes payable include the purchase of real estate or costly equipment,the purchase of merchandise,and the substitution of a note for a past-due account payable.5.9Discount on Notes Payable The amount of discount is recorded in a separate contra liability account called Discoun
8、t on Notes Payable.The balance of this account is subtracted from the Notes Payable account to arrive at the book value of Notes Payable.5.12The Current Portion of Long-term Debt Some long-term debts,such as mortgage loans,are payable in a series of monthly or quarterly installments.In these cases,t
9、he principal amount due within one year(or the operating cycle)is regarded as a current liability,and the remainder of the obligation is classified as a long-term liability.5.13Accrued Liabilities Accrued liabilities arise from the recognition of expenses for which payment will be made in a future p
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