Explain, measure, and report current liabilities. - Most liabilities are recognized in exchange for goods and services

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Explain, measure, and report current liabilities.

- Most liabilities are recognized in exchange for goods and services or the borrowing of money.

- In theory, the amount reported on the statement of financial position should not include interest that has not yet accrued.

- However, for nearly all current liabilities, unaccrued interest is deemed immaterial, so most current liabilities are simply recorded and reported at the total amount due.

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Cornerstones Of Financial Accounting

ISBN: 9780176707125

2nd Canadian Edition

Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone

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