Accounting Principles: Current Liabilities

This set of flashcards covers key concepts related to current liabilities, including definitions and classifications as discussed in the lecture notes.

Unearned Ticket Revenue

A liability account representing revenue received before services are rendered.

Current Maturities of Long-Term Debt

The portion of long-term debt that is due within one year, categorized under current liabilities.

Current Liabilities

Obligations that are due within one year, including current maturities of long-term debt and unearned revenues.

Long-Term Debt

Debt obligations that are payable beyond one year.

Balance Sheet

Financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenses to the correct period.