November 2003
Intermediate to advanced
186 pages
2h 50m
English
Content preview from Accounting Demystified
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Chapter 13. Liabilities
Liabilities are the things that you owe. Liabilities require the future sacrifice of assets. In most of the transactions in our examples, we have been assuming that we paid cash. In business, however, credit is often used rather than paying with cash or a check. If we purchase something on credit, the credit will be to Accounts payable rather than to Cash.
Like assets, liabilities are classified as current or noncurrent (also called long-term). Current liabilities are those liabilities that are expected to be satisfied within the next twelve months (the next year). Noncurrent liabilities are those liabilities that are not expected to be satisfied within the next twelve months.
In some cases, a portion of a liability will ...
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