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Cover
Accounting: What the Numbers Mean, 5/e
David H. Marshall, Millikin University
Wayne W. McManus, International College of the Cayman Islands
Daniel F. Viele, Webster University
Accounting for and Presentation of Liabilities

Chapter 7 Outline


Current Liabilities

  1. Short-term debt
    1. Used to finance working capital needs.
    2. Interest calculation methods (Business in Practice).
    3. Interest accrual.
  2. Current maturities of long-term debt
  3. Accounts payable
  4. Unearned revenue or deferred credits
  5. Payroll tax and other withholdings
  6. Other accrued liabilities

Noncurrent Liabilities

  1. Long-term debt
    1. Financial leverage illustrated.
    2. Accounting for bonds payable.
      1. Original issuance.
      2. Recognition of interest expense.
      3. Retirements and conversions.
    3. Bond discount or premium.
    4. Bond characteristics, classifications and terminology.
      1. By how interest is paid.
      2. By security.
      3. By how principal is paid.
  2. Deferred income taxes
    1. An application of the accrual and matching concepts.
  3. Other noncurrent liabilities
    1. Pension plan obligations.
    2. Post-retirement benefits other than pensions.
    3. Estimated liabilities for lawsuits, warranties, etc.
    4. Minority interest in subsidiaries.








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