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Chapter 12 Liabilities Define liabilities.

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Presentation on theme: "Chapter 12 Liabilities Define liabilities."— Presentation transcript:

1 Chapter 12 Liabilities Define liabilities.
Understand the importance of liabilities today. Apply the definition to accounting situations.

2 Liabilities-Their Nature
Snake Pit New importance: Dependent vs Independent What are they? definitions

3 Liabilities SFAC 6 definition & elements: probable
future sacrifice of economic benefits present obligation transfer assets or services past transaction or event

4 Liabilities Three summary characteristics: 1. Duty exists
2. Virtually unavoidable 3. Event occurred

5 Liabilities Human invention Sources Types Normal Operations
Government/courts Ethical/moral Types Contractual Constructive Equitable

6 Liability Discussion Cases
SilVall Tech Obligation Issue Debit issue Lottery Ticket III Obligation Disc. Topics 5 & 6

7 Concerns with Liabilities
Importance Four Concerns: 1. Settle only with assets 2. Focus “tense” tension..

8 Liability concerns 3. Legal enforceability? 4. Which past event?

9 Liability Update FASB revision of SFAC No. 6 liability definition
SFAS 107 (mark to market) Updates

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