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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Definitions of Terms

Accumulated benefitsEmployee benefits that can be carried over into the next year but that expire upon termination of employment.
ContingencyAn existing condition, situation, or set of circumstances involving uncertainty as to possible gain or loss that will ultimately be resolved when one or more future events occur or fail to occur.
Current liabilitiesObligations whose liquidation is reasonably expected to require the use of existing resources properly classified as current assets or the creation of other current liabilities. Obligations that are due on demand or will be due on demand within one year or the operating cycle, if longer, are current liabilities. Long‐term obligations callable because of the debtor's violation of a provision of the debt agreement are current liabilities unless specific FAS 78 conditions are met.
FICASocial security taxes levied upon both employees and employers.
FUTASocial security tax levied upon employers to finance the administration of federal unemployment benefit programs.
Indirect guarantee of indebtedness of othersA guarantee under an agreement that obligates one entity to transfer funds to a second entity upon the occurrence of specified events under conditions whereby (1) the funds are legally available to the creditors of the second entity, and (2) those creditors may enforce the second entity's claims against the first entity.
Operating cycleThe average length of time necessary for an enterprise to convert inventory to receivables ...

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