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Lecture Accounting: What the numbers mean (2/e) - Chapter 6: Accounting for presentation of liabilities and owners’ equity

After completing this unit, you should be able to: Explain what are current liabilities? explain the difference between interest calculated on a straight basis and interest calculated on a discount basis, explain the concept of unearned income, explain the employer’s liability for payroll taxes, GST and superannuation contributions,. | CHAPTER 6 Accounting for Presentation of Liabilities and Owners’ Equity 6- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Accounting: What the Numbers Mean 2e by Marshall, McCartney & Van Rhyn Slides prepared by John Tretola Learning Objectives Explain what are current liabilities? Explain the difference between interest calculated on a straight basis and interest calculated on a discount basis. Explain the concept of unearned income. Explain the employer’s liability for payroll taxes, GST and superannuation contributions. Explain the importance of making estimates for certain accrued liabilities. Explain what leverage is and how it is affected by long-term borrowings. 6- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Accounting: What the Numbers Mean 2e by Marshall, McCartney & Van Rhyn Slides prepared by John Tretola Overview Liabilities are present obligations of the entity that have not yet been paid but that will involve an economic sacrifice in a financial period after the current period. Distinguish from Contingent liabilities, which are not present obligations (only possible obligations). Financial Statement presentation of liabilities in order of settlement priority. 6- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Accounting: What the Numbers Mean 2e by Marshall, McCartney & Van Rhyn Slides prepared by John Tretola Terms Liabilities are present obligations of the entity that have not yet been paid but that will involve an economic sacrifice in a financial period after the current period. Distinguish from Contingent liabilities, which are not present obligations (only possible obligations). Financial Statement presentation of liabilities in order of settlement priority. 6- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Accounting: What the Numbers Mean 2e by Marshall, McCartney & Van Rhyn Slides prepared by John Tretola Liabilities and Owners’ Equity A = L + OE Accounting Equation Financial resources | CHAPTER 6 Accounting for Presentation of Liabilities and Owners’ Equity 6- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Accounting: What the Numbers Mean 2e by Marshall, McCartney & Van Rhyn Slides prepared by John Tretola Learning Objectives Explain what are current liabilities? Explain the difference between interest calculated on a straight basis and interest calculated on a discount basis. Explain the concept of unearned income. Explain the employer’s liability for payroll taxes, GST and superannuation contributions. Explain the importance of making estimates for certain accrued liabilities. Explain what leverage is and how it is affected by long-term borrowings. 6- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Accounting: What the Numbers Mean 2e by Marshall, McCartney & Van Rhyn Slides prepared by John Tretola Overview Liabilities are present obligations of the entity that have not yet been paid but that will involve an economic sacrifice in a .