Chapter 9 Flashcards
1
Q
Current liabilities
A
Due within a year
2
Q
Long-term liabilities
A
Due after a year
3
Q
Types of current liabilities
A
Ap
Sales tax payable
Unearned revenue
Short-term notes payable
4
Q
Contingent liabilities: future event is probable
A
Can be estimable or inestimable
5
Q
Contingent liabilities: future event is possible
A
Disclose in notes
6
Q
Contingent liabilities: future event is remote
A
No disclosure
7
Q
Contingent liabilities: amount Owed is estimable
A
Record liability
8
Q
Contingent liabilities: amount Owed is inestimable
A
Disclose in notes
