ACCT 3511 Lecture Notes - Lecture 1: Current Liability, Income Statement, Promissory Note
26 May 2017
School
Department
Course
Professor
Document Summary
R+ e- d- changes se and re. Retained earnings increased by revenues and decreased by expenses and dividends. If drs increase a"s, crs decrease; l"s &c se opposite. Revs increase se so same as se, but exps & divs reduce se, so opposite. Define liabilities and distinguish between current and long-term liabilities. Probable future sacrifices of economic benefits arise from present obligations to other entities result from past transactions or events. Obligations payable within one year or one operating cycle, whichever is longer. Expected to be satisfied with current assets or by the creation of other current liabilities. Accounts payable, taxes payable, unearned revenue, cash dividends payable (all dividends payable, even if the declarations says they will be paid the following operating cycle), accrued expenses, short-term notes payable, credit lines. Account for the issuance and payment of various forms of notes. Face amount * annual rate * time to maturity.
