ACC 212 Exam 4 Study Guide with Complete Solutions
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Course
ACC 212
Institution
ACC 212
ACC 212 Exam 4 Study Guide with
Complete Solutions
what is created when companies...
-Buys goods and services on credit
-Obtains short-term loans
-Issues long-term debt - Answer-liabilities!
short-term obligations that will be paid with current assets within the company's current operating cy...
recording principal paid. - Answer✔✔-4 key events with any note payable
principal x interest rate x time - Answer✔✔-interest
Payments collected from customers at time of sale create a liability that is due to the state government. -
Answer✔✔-Sales Tax Payable
Cash received in advance of providing services creates a liability of services due to the customer -
Answer✔✔-Deferred Revenue
Borrowers must report in Current Liabilities the portion of (short/long)-term debt that is due to be paid
within one year - Answer✔✔-long term debt
financial instruments that outline the future payments a company promises to make in exchange for
receiving a sum of money now - Answer✔✔-Bonds
1. Maturity date
2. Face value
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