chapter 9: liabilities fincnial accounting

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Last updated 2:27 AM on 4/29/26
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15 Terms

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Liability

Something you owe in the future

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3 parts of a liability

Past event; Present obligation; Future payment

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Accounts Payable

Money owed to suppliers

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Notes Payable

Formal written loan agreement

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Payroll Liabilities

Money owed to employees

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Sales Tax Payable

Taxes collected from customers that must be paid to the government

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Unearned Revenue

Cash received before providing a service

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Interest Formula

Principal × Rate × Time

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Principal

Amount borrowed

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Rate

Interest rate (as a decimal)

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Time

Portion of the year (ex: 15/360)

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Interest Expense

Cost of borrowing money

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Interest Payable

Amount owed for interest not yet paid

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Warranty Liability

Estimated future repair costs

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Warranty Expense

Cost expected from warranties