MGCR 211 Lecture Notes - Lecture 10: Canada Revenue Agency, Accounts Payable, Current Liability
31 Mar 2019
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Will require the probable future economic sacri ce(cash, goods exchange or service to be rendered) The company has little or no chance to avoid the obligation(present obligation) The event giving rise to the obligation has already occurred (from the past transaction. More formal than an account payable and can include an interest component. The vendor provides you with a certain number of days to make payment after receiving goods or services. Depending on the timing of parol a company may be in a liability position with its employees at the reporting date. When payday is not the same as the scal year end date. Based on the income tax calculation and represents amount owed to cra (canada revenue. Occur when customer pay a deposit or prepay for certain goods or services to be delivered at a future point in time.
