Study Set Content:
261- Flashcard

These are obligations resulting from past

transactions/activities and whose settlement

will cause an outflow from the resources of

the business. These are debts owing to

creditors for assets or services acquired in

the past with the promise to pay at some

future time.


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262- Flashcard

are usually identified

with the word Payable.


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263- Flashcard

These are debts or obligations that have an

expected payment due within the regular

operating cycle of a single year.

Current Liabilities

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264- Flashcard

These are obligations or debts to creditors

that are not evidenced by a written promise

to pay.

Accounts Payable

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