University of Tampa ACC 202 Final exam study guide with complete solutions.
Current liabilities Obligations that a company expects to pay within the next year or operating cycle, whichever is longer. Accounts payable the amount a company owes to suppliers for goods and services purchased with credit Deferred Revenues when a company receives cash in advance from a customer for products or services to be provided in the future Sales tax payable Sales tax collected from customers by the seller, representing current liabilities payable to the government current portion of long-term debt debt that will be paid within the next year current vs long term Less than or greater than 12 months. Payroll Liabilities employers incur expenses and liabilities from having employees FICA Payroll Tax A tax levied by the U.S. government on earned income to fund Social Security and Medicare. Unemployment payroll tax A tax to cover federal and state unemployment costs paid by the employer on behalf of its employees Contingent liabilities An existing uncertain situation that might result in a loss When should contingent liabilities be reported only recorded if a loss is probable and the amount is reasonably estimable. contingent gain an existing uncertain situation that might result in a gain when to report a contingent gain we don't report the gain until the gain is known for certainty secured bonds bonds that are backed by specific collateral that must be forfeited in the event that the issuing firm defaults unsecured bonds debentures, or bonds that are not backed by specific collateral term bonds bond issues that mature on a single date serial bonds bonds of a single issue that mature on different dates
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ACC 202
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university of tampa acc 202 final exam study guide
