Chapter 8 Current Liabilities Flashcards
1
Q
Accounts payable turnover ratio
A
Cost of Sales / Average accounts payable
2
Q
Accrued Liabilities
A
expenses that have been incurred before the end of an accounting period but have not yet been paid.
3
Q
Deferred Revenue
A
When company collects cash before the related revenue has been earned.
4
Q
Current Liabilities
A
- Accounts Payable
- Accrued Liabilities
- Deferred Revenue
- Notes Payable
- Current Portion of Long-Term Debt
