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Summary Ch 10 Current Liabilities - Financial Accounting with International Financial Reporting Standards - FAC2 CA$9.94   Add to cart
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Summary Ch 10 Current Liabilities - Financial Accounting with International Financial Reporting Standards - FAC2
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  • Course
  • FAC2
  • Institution
  • Hanzehogeschool Groningen (Hanze)
  • Book
  • Financial Accounting with International Financial Reporting Standards

Provides in-depth summary of chapter 10. topics include Accounts Payable, Notes Payable, Value-Added and Sales Taxes Payable, Unearned Revenues, Salaries and Wages

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  • February 12, 2024
  • 11
  • 2023/2024
  • Summary

Subjects

  • current liabilities
  • notes payable
  • unearned revenues
  • salaries and wages
  • value added and sales taxes payable

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  • International Business and Management Studies
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Content preview

Current Liabilities
Chapter Number Chapter 10



📖 Table of Contents

Outline
10.1 Accounting for Current Liabilities
Notes Payable
Issuing an interest-bearing note
Accrual of interest
Recording payment at Maturity
Value-Added and Sales Taxes Payable
Value-Added Taxes Payable
Sales Taxes Payable
Unearned Revenues
Recording the receiving of the advance payment
Recognising the Revenue
Salaries and Wages
Payroll Deductions
Current Maturities of Long-Term Debt
10.2 Reporting and Analyzing Current Liabilities
Reporting Uncertainty (Provisions)
Recognition of a Provision
Reporting a Provision
Reporting of Current Liabilities
Analysis of Current Liabilities




Current Liabilities 1

, 10.1 Accounting for Current Liabilities
The different types of current liabilities include:

notes payable

accounts payable

unearned revenues

accrued liabilities

taxes

salaries and wages

interest payable


Notes Payable
assume that First Hunan Bank agrees to lend ¥100,000 on September 1, 2020, if Yang
Enterprises signs a ¥100,000, 12%, four-month note maturing on January 1 (amounts in
thousands).

Issuing an interest-bearing note




Accrual of interest




Interest = Note Face Value ∗ Annual Interest Rate ∗ Time in Terms of 1 Year

4
¥100, 000 ∗ 0.12 ∗ = ¥4, 000
12
​




statement of financial position
→ notes payable ¥100,000




Current Liabilities 2

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