Flashcards
Accounting-Liability
Cards in this deck (1)
- 1There has been a past event when the hay baler was purchased. (name the past event with the liability name in it). This is evidenced by a source document for example an invoice(give an appropriate source document) There is a present legal obligation to repay the purchase of the hay baler(liability name) by wooleys farms (give the business name). The hay baler(liability name) will result in an a future outflow of economic benefit from the Wooleys farm\(entity name) by decreasing cash at bank when it is repaid
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- Flashcards on Accounting-Liability, created by tomsummerton on 17/08/2015.
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- tomsummerton
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