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Outline of Important Points for Chapter 13 Current Liabilities: Define liability.

. Define and be able to give examples of current liabilities. Be able to identify and describe: o Accounts Payable o Notes Payable Know journal entries for interest bearing and zero-interest notes. o Current Maturities of Long-term Debt What are the 3 criteria that would allow these to be classified as longterm? o Short-term Obligations Expected to be Refinanced What are the refinancing criteria? o Dividends Payable o Unearned Revenues Be able to do journal entries regarding unearned revenue. o Sales Taxes Payable Be able to do the journal entry to record sales taxes payable. o Taxes Payable Be able to do payroll tax journal entries. o Compensated absences Know the 4 conditions necessary for these to be liabilities. Contingencies: What is a contingency? What are examples of gain contingencies and how they accounted for? What are examples of loss contingencies, and how are they accounted for? Be able to account for and do journal entries for warranties under the expense approach and the sales approach. Be able to account for and do journal entries for premiums and coupons. What is an environmental liability? What is an asset retirement obligation (ARO)? o Be able to do the journal entries for AROs. Presentation and Analysis: What financial statement presentation and footnote disclosures are required for: o Current Liabilities o Contingencies IFRS: Know the similarities and differences between IFRS and U.S. GAAP for current liabilities and contingencies.

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