Learning Goal - Assets - Liabilities
7 important questions on Learning Goal - Assets - Liabilities
What are liabilities in a company context?
- Aka Debt - Company can go out of business for not managing liabilities properly.
- A company’s obligation to external parties.
- You owe someone something based on debt incurred in the past transaction and events.
- The company is required to provide assets, products and services in the future.
- In essence, Creditor’s claims on a company’s assets.
What is accounts payable?
- Amounts owed to suppliers for goods or services purchased on credit.
- Purchase something now and you pay later; 30 or 60 days.
- Common in businesses who operate in credit pay.
What are wages payable?
- Salaries and wages owed to employees for work performed.
- Employees want to get paid as soon as possible; they got bills to pay.
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What are taxes payable?
- Taxes owed to tax authorities
- Ex) income tax, sales tax, and property tax
What are non-current liabilities?
What are long term loans and notes payables?
What is the accounting equation?
The question on the page originate from the summary of the following study material:
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- Never study anything twice again
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- 100% sure, 100% understanding
