Current and Long-term Liabilities (967 words, 7 pages)
PRINCIPLES of ACCOUNTING II(AC202)CHAPTER 12CURRENT AND LONG-TERM LIABILITIESLIABILITIESDEFINED A probable future payment of assets or services a company is presently obligated to make as a result of past transactions or events. Fundamentally liabilities are measured by the "cost principle" howeverLiabilities are comprised of known obligations of a definite amount and ...
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