PPT-Accounting for Current Liabilities

Chapter 9 Copyright 2016 McGrawHill Education  All rights reserved No reproduction or distribution without the prior written consent of McGrawHill Education Wild Shaw and Chiappetta Financial amp Managerial Accounting. Financial Reporting mechanics. Business activities and . financial statement elements. Business . Activities. Operating. Sell products or services to generate . revenue. 1. Incur . expenses. 2. . while . PRINCIPLES OF . FINANCIAL ACCOUNTING . CANADIAN EDITION. Chapter 10. Current Liabilities. Prepared by. :. Debbie . Musil. Kwantlen. Polytechnic University. 1. Copyright John Wiley & Sons Canada, Ltd. . Accounting, Fourth Edition. 10. Explain a current liability and identify the major types of current liabilities.. Describe the accounting for notes payable.. Explain the accounting for other current liabilities.. 2.02. Elements of a Financial Statement (Net . Worth Statement. Total assets= current assets + non-current assets. Current- items quickly converted into cash or that will be sold within 12 months. Examples: cash, checking, savings, stocks, bonds, and cash in value of life insurance, money others owe you, current non-depreciable inventory . Emergence of . MNC’S. Rapid increase in . cross border transactions.. To make our financial statements to speak global language for . attracting foreign funds into India.. REVISED . SCHEDULE. - VI. By Jignesh Mehta,. B. COM, ACA & LCS.. Mobile No. 9699490918. .. Contents . Definition. Operating cycle of a manufacturing unit. AS – 2 – Valuation of Inventories. Classification of Current Assets and Current Liabilities. Understand . the importance of non-financial and current liabilities from a business perspective.. Define . liabilities, distinguish financial liabilities from other liabilities, and identify how . they . Determinable (certain) current liabilities. Operating line of credit and bank overdraft. Short-term notes payable. Sales and property taxes. Current maturities of long-term debt. Uncertain liabilities. Insurers produce financial statement prescribed by NAIC. Filed with insurance department of regulators. Based on Statutory Accounting Principles. More conservative than GAAP. SAP - . 2. Policyholders’ Surplus. CHAPTER 13: Non-Financial and Current Liabilities. After studying this chapter, you should be able to:. Understand the importance of non-financial and current liabilities from a business perspective.. T.Y.B.Com. Financial Statement . &. . Ratio Analysis. Financial Analysis. Assessment of the firm’s past, present and future financial conditions. Done to find firm’s financial strengths and weaknesses. T.Y.B.Com. Financial Statement . &. . Ratio Analysis. Financial Analysis. Assessment of the firm’s past, present and future financial conditions. Done to find firm’s financial strengths and weaknesses. The Benefits of Reading Books Liabilities. Presented by. Dr. . . B. N. Shinde. Assistant Professor. Department of . Commerce. Deogiri . College, Aurangabad. Classification of Assets and Liabilities. Liabilities . Proprietors Capital.