Tortious Liabilities In Prophecies And PridictionFull description
auditing problem solution manual
Deskripsi lengkap
this is a project work that touches upon the issue of duties and liabilities of director of a company.
TOAFull description
liabilities and equity
Audit of Current LiabilitiesFull description
xxFull description
Answers
liabilities and equityDeskripsi lengkap
Practice set solution for long term liabilities quizzer.Full description
aud prob
Liabilities of PhysiciansFull description
Auditing problemsFull description
accountingFull description
Auditing problemsFull description
Typrwritten answers on Finac Vol. 1 ValixFull description
mortgagor rights and liabilitiesFull description
Liabilities – Present obligation - arises from past transactions - settlement requires an outflow of resources *stock dividend - is a part of equity rather than an accounting liability Measurement Initial – fair value + transaction costs Subsequent – amortized – PV/discounted amount Current liabilities are at their face amount, NOT discounted Non Current Interest Bearing – face amount because it is already the Present Value Non-current Non-Interest Bearing – measured at PV Current Liabilities - Expects to settle it within the operating cycle - Holds it for the purpose of trading - Due to be settled within 12 months - Does not have unconditional right to defer settlement for atleast 12 months after the reporting period *Operating items are classified as current even if they are settled more than 12 months. A liability which is due to be settled within twelve months after the reporting period is classified as CURRENT, even if: a. The original term was for a period longer than 12 months b. An agreement to refinance or to reschedule payment on a long-term basis is completed after the reporting period and BEFORE the FS are authorized for issue *if agreement is completed ON or BEFORE the reporting period, it is NON-CURRENT Covenants – restrictions on the borrower as to undertaking further borrowings paying dividends and so forth Breach of Covenants Liability becomes payable on demand CURRENT – even if the lender has agreed not to demand payment AFTER the reporting period and BEFORE the issuance of FS NON CURRENT – if agreement was expressed ON or BEFORE the reporting period Loans that are current and must be disclosed if events occurred between the end of the reporting period and issuance of FS: 1. Refinancing on a long term basis 2. Rectification of a breach of a long-term loan agreement Quick notes of Liabilities. Reference: Financial Accounting -2 by Conrado T. Valix and Christian Valix
3. The granting of a lender of a grace period to rectify a breach of a long term loan arrangement ending atleast 12 mos. After the reporting period Estimated Liabilities – obligations which exist at the end of the reporting period *Forfeited gift certificates – entry to close GC payable when GC expires. It is classified as other income.
Quick notes of Liabilities. Reference: Financial Accounting -2 by Conrado T. Valix and Christian Valix
