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The flashcards related to liabilities will cover these
topics:
- Contingencies and Commitments
- Two criteria for recognition of a lost contingency, estimated range of lost contingencies, gain contingencies, remote loss contingencies, liability for litigation, claims or assessments, warranty liabilities.
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- Deferred Revenues and Other Liabilities
- Deferred revenue entries, accruals, current portion of long-term obligations, customer
deposits, guarantees, warranties, compensated absences, current liabilities, conditions to
exclude short-term obligations from current liabilities, conditions to accrue compensated
absences, accrual for goods shipped FOB destination vs. shipping point.
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- Deferred Income Tax Liabilities
- Temporary vs. permanent differences, deferred tax assets and liabilities, valuation
allowances, recent and expected losses, classification of deferred tax assets and liabilities,
four basic principles underlying deferred taxes, five steps to compute deferred taxes,
determination of tax rate in computing deferred taxes, disclosure requirements for deferred
taxes, presentation of deferred taxes, presentation of income tax expense with timing
differences.
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- Capitalized Lease Liability
- Criteria for a capital lease, valuation of a capital lease, capital vs. operating
leases, amortization of property under a capital lease, lease payments under an operating
lease, guaranteed payments, direct financing vs. sales-type lease, advantages of leasing
property over owning property, allocating minimum lease payments under a capital lease.
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- Employee Benefits
- Elements of net periodic pension cost, two types of pension plans, accumulated
post-retirement benefit obligation, minimum pension liability, corridor for recognition
of gains and losses, projected benefit obligation, prepaid or accrued pension costs,
disclosures for post-retirement benefit plans.
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- Notes and Bonds Payable
- Amortization of bond issue costs, reporting of unamortized bond issue costs, early
extinguishment of debt, bond discounts and premiums, two methods of amortizing bond
discounts and premiums, two methods of bond conversion, troubled debt restructuring,
four types of restructuring involving debt, warrants issued along with bonds, valuation
of bonds payable, sale of bonds, purchase of bonds between interest dates, payment of
interest under effective interest method.
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