Reading Concept Summary
Write a 260- to 350-word summary of this week's readings.
Describe major concepts you learned on Liabilities: Current or Long Term. Explain how to determine liability.
Distinguish between current and long-term liabilities as well as the reporting requirements for each.
• What is a contingency?
• Why are contingencies important to users of financial statements?
• What are the criteria for recording contingencies?
Explain how you can apply what you learned to your current or future workplace.
** INCLUDE AN INTRODUCTION AND A CONCLUSION **
Text book materials: Kieso, D.E., Weygandt, J.J., Warfield, T.D.(2016). Intermediate Accounting. (16th ed.). John Wiley & Sons.