Liabilities Flashcards
1
Q
Accounts Payable
A
Amounts due to suppliers.
2
Q
Unearned Revenue
A
Cash or assets received in advance from customers for services to be provided in the future.
3
Q
Wages Payable
A
Amounts due to employees.
4
Q
Bank (Overdraft)
A
Liability account where the bank lends the business cash in the short-term.
5
Q
Notes Payable
A
Often long-term debt; a written promise to pay a definite sum of cash to another party at fixed future date(s).
6
Q
Bonds Payable
A
Similar to Notes Payable, generally long-term debt involving multiple creditors; often more complex than standard notes payable.
