ACC Chapter 7
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20 Terms
current liabilities
debts due within one year or operating cycle
notes payable
written promise to repay a loan with interest
interest expense
cost of borrowing money
accrued interest
interest that has been incurred but not yet paid
principal
original amount of a loan
sales tax payable
tax collected from customers owed to the government
contingent liability
potential obligation depending on a future event
warranty
guarantee to repair or replace defective products
warranty expense
estimated cost of future repairs
long-term liabilities
debts due after one year
amortization
gradual repayment of a loan over time
installment note
loan with regular payments of principal and interest
line of credit
agreement to borrow up to a limit as needed
bond
debt security issued to investors
bondholder
investor who lends money by buying bonds
issuer
company borrowing money through bonds
face value
amount a bond will be repaid at maturity
interest rate
percentage charged for borrowing money
classified balance sheet
balance sheet separating current and noncurrent items
operating cycle
time to convert inventory to cash
