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Select one of the following short-term (current) liabilities and describe some of the accounting requirements for recognizing/accounting for it: Accounts Payable Notes Payable Payroll Contingent

Select one of the following short-term (current) liabilities and describe some of the accounting requirements for recognizing/accounting for it:

Accounts Payable

Notes Payable

Payroll

Contingent Liabilites

Then describe how working capital, current ratio and quick ratio can be useful in making economic decisions. Who would be making these decisions?

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