ARO: It has an exiting legal obligation Associated with the retirement of a long lived asset and when it can reasonably Estimate liability
Liabilities are obligations arising from past transactions and
payable in assets or services in the future.
Cr Liab:obligations whose liquidation is Reasonably expected to require use of existing resources properly classified
Op. Cycle: is the time It takes to convert cash into cash again
Contra: account with a balance that is the Opposite of the normal balance.
sinking: is set up to receive periodic Payments .. Provision to pay off a loan over its life rather than all at Maturity.
Notes Payable: written Promise to pay a sum of money on a specified date-interest component-May be Non-interest bearing.
Zero: is a note that includes interest as Part of its face amount instead of stating it explicitly.
Refin: is the process of swapping out Loans, moving debt to a different loan or lender.
Matching Principle matches Expenses with revenues recorded in the same period.
Contingency: situation or set of circumstances Involving uncertainty as to possible gain or loss.
Gain: claims or rights to receive assets Whose existence is uncertain but which may become valid.
Loss: Could result in recognition of a Contingent liability.
Contingent Liab: Loss Contingencies, depend on the occurrence of one or more future events to confirm Either the amount payable, the payee, the date payable, or its existence.