ACC 400 week 2 DQ 1 ,2, 3 - 92576

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DQ1 Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is and provide examples. In which financial statement would you find these liabilities? Explain what a current liability is and identify the major types of current liabilities. “…a current liability is a debt that a company reasonably expects to pay (1) from existing current assets or through the creation of other current liabilities, and (2) within one year or the operating cycle, whichever is longer” (Kimmel, Weygandt, & Kieso, 2007, p. 474). Other debts that do not meet these criteria are considered long-term liabilities...
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DQ1     Explain what a current liability is and identify the major typ

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