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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Related Book For
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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