Define liabilities and explain the difference between current and long-term liabilities.
What will be an ideal response?
Liabilities are probable future payments of assets or services a company is presently
obligated to make as a result of past transactions or events. Current liabilities are obligations due within one year or the company's operating cycle, whichever is longer. Long-term liabilities are obligations due beyond one year or the company's operating cycle, whichever is longer.
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Antitrust laws are designed to restrict new competition from entering foreign markets
Indicate whether the statement is true or false
In 2017, Susan tells The Art Museum, a private not-for-profit organization, that she has named the museum in her will. When should the organization recognize the contribution revenue?
A. When the Museum receives the contribution. B. Ratably over a five year period beginning in 2017. C. All in 2017. D. Only after Susan dies and the will is declared valid.
Most states follow the American rule to determine which assignee has the legal right to the
assigned right when an obligee makes successive assignments of the same right to a number of assignees. Indicate whether the statement is true or false
Why is sales forecasting is so important for a company? What are the negative ramifications of poor sales forecasting?
What would be an ideal response?