Understanding Liabilities: Current and Non-Current - Explained

School: York University - Course: ADMS 1550 - Subject: Accounting

2DATA ANALYTICS: RESOURCES •Due date: March 19, 10:30 to 11:00 am •Resources: Guided video on eClass LinkedIn learning: Basic and intermediate level YouTube Videos on basic data analytics •FAQs 34

3CHAPTER 10: LIABILITIES (CURRENT AND NON-CURRENT) 56

4LIABILITIES LEARNING OUTCOMES Identify and explain current versus long- term liabilities. Record and disclose current liabilities. Identify, describe, and record bonds at each stage of its term. Explain, calculate, and record long-term loans with and without collateral. SOURCES OF CAPITAL (FIRMS NEED MONEY TO OPERATE AND TO GROW) •Internally Generated •From operations •Externally Generated •Borrow ( assume liability) •Bring in additional owners (sell stock) •Remember Balance Sheet Equation •A = L + E •Assets = Claim to Assets •Claims divided between creditors and owners