Flashcards
Liabilities
Cards in this deck (7)
- 1LiabilitiesObligations to pay cash, transfer assets or provide servies
- 2Accounts PayableAmount(s) due to supplier(s)
- 3Unearned RevenueCash (or assets) received in advance from costumers for the provision of services at some time in the future. The service has not yet been performed.
- 4Wages PayableAmount(s) due to employees
- 5Bank (Overdraft)Liability account where the bank is effectively lending the business cash in the short term
- 6Notes PayableOften long-term debt, as written promise to pay a definite sum of cash to another party at future date(s)
- 7Bonds PayableSimilar to Notes Payable, generally long term debt, containing the face amount and par amount. Often seen as a more complex financial instrument, usually involving debt to many creditors
Information
- Description
- Business/Economics Flashcards on Liabilities, created by Nicole Gabrieli on 03/10/2022.
- Created by
- Nicole Gabrieli · Oct 2022
- Updated
- Oct 3, 2022
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