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1、Chapter13-CurrentLiabilitiesandContingenciesCHAPTER13CURRENTLIABILITIESANDCONTINGENCIESQUESTIONSFORREVIEWOFKEYTOPICSQuestion13-1Aliabilityentailsthepresent,thefuture,andthepast.Itisapresentresponsibility,tosacrificeassetsinthefuture,causedbyatransactionorothereventthatalreadyhashappened.Specifi
2、cally,“ElementsofFinancialStatements,”StatementofFinancialAccountingConceptsNo.6,par.36,describesthreeessentialcharacteristics:Liabilities–1.areprobable,futuresacrificesofeconomicbenefits2.thatarisefrompresentobligations(totransfergoodsorprovideservices)tootherentities3.thatresultfrompasttransa
3、ctionsorevents.Question13-2Liabilitiestraditionallyareclassifiedaseithercurrentliabilitiesorlong-termliabilitiesinaclassifiedbalancesheet.Currentliabilitiesarethoseexpectedtobesatisfiedwithcurrentassetsorbythecreationofothercurrentliabilities.Usually,butwithexceptions,currentliabilitiesareoblig
4、ationspayablewithinoneyearorwithinthefirm'soperatingcycle,whicheverislonger.Question13-3Inconcept,liabilitiesshouldbereportedattheirpresentvalues;thatis,thevaluationamountisthepresentvalueofallfuturecashpaymentsresultingfromthedebt,usuallyprincipaland/orinterestpayments.Inthiscase,theamountwoul
5、dbedeterminedasthepresentvalueof$100,000,discountedforthreemonthsatanappropriaterateofinterestforadebtofthistype.Thisisproperbecauseofthetimevalueofmoney.Inpractice,liabilitiesordinarilyarereportedattheirmaturityamountsifpayablewithinoneyearbecausetherelativelyshorttimeperiodmakestheinterestort
6、imevaluecomponentimmaterial.[FASBASC835-30-15-3:Interest–ImputationofInterest–ScopeandScopeExceptions(previously“InterestonReceivablesandPayables,”AccountingPrinciplesBoardOpinionNo21,(NewYork,AICPA,August1971,Par.3))]specificallyexemptsfrompresentvaluevaluationallliabilitiesarisinginconnection
7、withsuppliersinthenormalcourseofbusinessandduewithinayear.13-82Chapter13-CurrentLiabilitiesandContingenciesAnswerstoQuestions(continued)Question13-4Linesofcreditpermitacompanytoborrowcashfromabankuptoaprearrangedlimitatapredetermi
