LIABILITIES Flashcards
1
Q
WHAT IS THE ACCOUNT?
TRADE PAYABLES
A
CURRENT LIABILITIES
2
Q
WHAT IS THE ACCOUNT?
SHORT TERM BORROWINGS
A
CURRENT LIABILITIES
3
Q
what is the account and classification?
- accounts payable
- notes payable
A
current liabilities
trade payables
4
Q
what is the account and classification?
- current portion of long-term debts
- loans payable
A
current liabilities
short term borrowings
5
Q
WHAT IS THE ACCOUNT?
- accrued expenses
- dividends payable
- income tax payable
- interest payable
- rent payable
- salaries payable
- utilities payable
A
CURRENT LIABILITIES
6
Q
WHAT IS THE ACCOUNT?
- mortgage payable
- bonds payable
- notes/loans payable where due date is beyond one year
A
NON CURRENT LIABILITIES
7
Q
WHAT IS THE ACCOUNT?
- unearned revenue
A
CURRENT LIABILITIES
