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1、Chapter 7,Liabilities,Special Terms,(1) liability 负债，责任 (2) Obligation 义务，职责 (3) Trade accounts payable 应付商业账款 (4) Trade notes 商业票据 (5) Load notes 贷款票据 (6) Contingent liabilities 或有负债 (7) Gain contingent 或有利得 (8) Loss contingent 或有损失 (9) Liquidation 清算 (10) Sacrifice 牺牲，亏本出售,Defining Liabilities,The
2、 obligation must involve a future sacrifice of cash, goods, or services会导致未来经济利益流出 ； It must be an obligation of the enterprise本企业的义务; The transaction or event that giving rise to the enterprises obligation must have occurred现时义务,What is a Liability?,FASB, defines liabilities as: “probable future sa
3、crifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events.”是指企业过去的交易或者事项形成的、预期会导致经济利益流出企业的现时义务。,Classifying Liabilities,Current Liabilities,Who to pay?,When t
4、o pay?,How much to pay?,Current Liabilities,Payable within one year Companys operating cycle, if longer than one year Current liabilities classified in three ways (1) Known amount (2) Estimated amount (3) Contingencies 或有事项,Current Liabilities of Known Amount,Accounts Payable 应付账款 Short-Term Notes P
5、ayable 短期应付票据 Short-Term Notes Issued at Discount折价发行的短期应付票据 Advances from customers 预收账款 Current Portion of Long-Term Debt 一年内到期的长期负债 Dividend payable 应付利息 Third-party collections 受托商品款,Accounts Payable,Accounts payable are amounts owed to suppliers for products or services purchased on credit. Com
6、pany A purchased an $40,000 supplies from company B on credit. Dr. supplies 40,000 Cr. Accounts Payable 40,000,A written promise to pay a specified amount on a definite future date within one year or the companys operating cycle, whichever is longer.,Short-Term Notes Payable,Example P73,Contingent l
7、iabilities,Contingent liabilities are obligations that are dependent upon the occurrence of nonoccurrence of one or more future events to confirm either the amount payable, or the payee, or the date payable, or even its existence. That is , determination of one or more of these factors is dependent
8、upon a contingency. EXAMPLE, P74,Interest payable is non-current liabilities. Notes payable include commercial acceptance draft and bank acceptance draft. When the note is dishonored, the book balance of notes payable should be converted to short-term loans. Advances from customers are also current
9、liabilities until the goods are delivered.,True or false,5. Declaration of dividends increases the retained earnings. 6. Payment of dividend eliminates the liability and reduces assets. 7. Pension payment and housing reserves are from dividends 8. The declared dividends are long-term liabilities of
10、the corporation before distribution.,1 .Interest payable is non-current liabilities. (F) non-current current 2. Notes payable include commercial acceptance draft and bank acceptance draft. (T) 3. When the note is dishonored, the book balance of notes payable should be converted to short-term loans.
11、(T) 4. Advances from customers are also current liabilities until the goods are delivered. (T),1. Declaration of dividends increases the retained earnings. (F) increases-reduces 2.Payment of dividend eliminates the liability and reduces assets. (T) 3.Pension payment and housing reserves are from div
12、idends (F) dividends - withholdings of wages 4. The declared dividends are long-term liabilities of the corporation before distribution. (F) long-term - current,Choice,1. According to various contents and methods of settlement, receivables can be divided into ( ) accounts receivables notes receivabl
13、es advance payment other receivables advance from customers,Par value /face value /face amount 面值 Maturity date 到期日 Stated interest rate名义利率 Market rate 市场利率 Present value 现值 Effective interest 实际利率 Discount amortization 折价摊销 Carrying amount 账面价值,7.2 Long-term liabilities,Bonds do not affect stockho
14、lder control.,Interest on bonds is tax deductible.,Bonds can increase return on equity.,Advantages of Bonds,Bonds require payment of both periodic interest and par value at maturity.,Bonds can decrease return on equity when the company pays more in interest than it earns on the borrowed funds.,Disad
15、vantages of Bonds,. . .an investment firm called an underwriter 承销商. The underwriter sells the bonds to. . .,A trustee 托管人monitors the bond issue.,A company sells the bonds to. . .,. . . investors,Bond Issuing Procedures,Corporation,Investors,Basics of Bonds,Bond Issue Date,Bond Interest Payments,Co
16、rporation,Investors,Interest Payment = Bond Par Value Stated Interest Rate,Basics of Bonds,Bond Issue Date,Bond Maturity Date,Corporation,Investors,Basics of Bonds,Valuation of Bonds Discount and Premium,LO 3 Describe the accounting valuation for bonds at date of issuance.,Between the time the company sets the terms and the time it issues the bonds, the market conditions and the financial position of the issuing corporation may change
