Current Liabilities, Provisions, and Contingencies
AC501-3: Analyze the accountability and ethics as they relate to financial accounting and reporting.In Unit 5, you will be discussing the mechanics involved in recording current liabilities and financial statement disclosure requirements. Also included is a discussion concerning the identification and reporting of contingent liabilities,bonds payable, long-term notes payable, mortgage notes payable, and issues related to extinguishment of debt.Next, you will examine stockholder’s equity and the accounting issues related to capital contributed by owners of a business organization, and the means by which profits are distributed through dividends. Finally, you will analyze accounting for income taxes and the differences between GAAP rules and IRS rules.As there are many things to do in this unit, please be careful when completing the assignment and be sure to complete it in an excel file
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Clearly shows the reasoning and/or calculations used to arrive at the answer or conclusion.
