Running Head: Assignments from the Readings

Assignments from the Readings

Name

ACC/400 - Week Three

Instructor's Name: Name

Date

Chapter -10

1) Georgia Lazenby believes a current liability is a debt that can be expected to be paid in one year. Is Georgia correct? Explain.

Answer? Georgia is absolutely right, because current liabilities are defined as the obligations due to be paid or settled by the company in one year or the current operating cycle, whichever time-period is the greater. For example, the bank loan installment to be paid in one year will come under current liabilities. Other common examples are employee's salary and commercial papers.

7) (a) What are long-term liabilities? Give two examples.

(b) What is a bond?

Answer?

a) Liabilities of a company, which are to...