Lesson Three Liabilities and Owners’ Equity section of Balance Sheet New Words, Phrases and Special Terms Liability: An obligation or transfer economic benefits generally money) as a result of past transactions (. the purchase of a fixed asset or a circulating asset). Contingent liability Current liabilities Deferred credit Long-term liability Secured liability New Words, Phrases and Special Terms Contingent liability 或有负债 A possible obligation that arises from past events, whose existence will be confirmed only by the occurrence of one or more uncertain future events not wholly within an entity’s control. A present obligation that arises from past events in which either the amount of the obligation cannot be measured reliably or it is not probable that a transfer of economic benefits will be required to settle the obligation. New Words, Phrases and Special Terms Current liabilities Amounts owed by a business to anizations and individuals that should be paid within one year from the balance sheet date. New Words, Phrases and Special Terms These generally consist of trade creditors, bills of exchange payable, amounts owed to group and panies, taxation, social-security creditors, proposed dividends, accruals, deferred e, payments received on account, bank overdrafts ,and short-term loans. New Words, Phrases and Special Terms Any long-term loans repayable within one year from the balance-sheet date should also be included. Current liabilities are distinguished from long-term liabilities on the balance sheet. New Words, Phrases and Special Terms Long-term liability A sum owed that does not have to be repaid within the next accounting period of a business. In some contexts a long-term liability may be regarded as one not due for repayment within the next three or possibly ten years. New Words, Phrases and Special Terms Secured liability A debt against which the borrower has provided sufficient assets as security to safeguard the lender in case of non-r
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