International accounting standards 9 Flashcards
1
Q
Current Liabilities (znaczenie)
A
zobowiązania bieżące
2
Q
Current liabilities:
A
- A current liability is a debt that a company expects to pay within one year or the operating cycle, whichever is longer.
- Current liabilities include notes payable, accounts payable, unearned revenues, and accrued liabilities such as taxes payable, salaries and wages payable, and interest payable
3
Q
Notes payable:
A
- written promissory note
- Usually requires borrower to pay interest
- Frequently issued to meet short-term financing needs
- Issued for varying periods of time
- Usually classified as current liability if due for payment within one year of statement of financial position date
4
Q
sales tax (znaczenie)
A
podatek od sprzedaży np. vat
5
Q
Sales Tax Payable:
A
- Sales taxes are expressed as a stated percentage of the sales price
- Selling company collects tax from customer
- Selling company remits (przekazuje) collections to taxing authority
6
Q
Value- Added Tax (VAT)
A
- a consumption tax
- Tax is placed on a product or service whenever value is added at a stage of production and at final sale
- Cost to end user, normally a private individual, similar to a sales tax
- Tax is collected every time a business purchases products from another business in the product’s supply chain
7
Q
Taxes in USA
A
Property taxes LOCAL
Sales taxes STATE/LOCAL
Income taxes FEDERAL / STATE
8
Q
Salaries and wages (znaczenie)
A
wynagrodzenia
9
Q
Salaries and wages:
A
- Companies report as a current liability the amounts owed to employees for salaries or wages at the end of an accounting period.
- In addition, they often also report as current liabilities the following items:
- Payroll deductions
- Bonuses
- Most common types of payroll deductions: taxes, insurance premiums, employee savings, union dues
10
Q
Payroll Deductions: Social securities taxes
A
- Social benefits (for retirement, unemployment, income, disability, and medical benefits) to individuals and families
- Funds generally come from taxes levied on both the
employer and the employee
11
Q
Payroll Dedutions: Income Tax Withholding
A
- Income tax laws generally require employers to withhold from each employee’s pay the applicable income tax due on those wages
- Employer computes the amount of income tax to withhold according to a government-prescribed formula or withholding tax table
12
Q
Provisions:
A
- A provision is a liability of uncertain timing or amount
- Reported either as current or non- current liability
- When a provision is recorded, expenses increase, but no payment is made.
13
Q
Companies accrue (ponoszą) an expense and related liability for a provision only if the following three conditions are met:
A
- Company has a present obligation (legal or constructive) as a result of a past event;
- Probable that an outflow of resources will be required to settle the obligation
- A reliable estimate can be made
14
Q
Common types of provisions:
A
- Lawsuits
- Consideration payable
- Onerous contracts
- Warranties
- Environmental
- Restructuring
15
Q
Liquidity (znaczenie):
A
płynność
