Business Finance
Florida National University Liabilities in Accounting Discussion

Florida National University

Question Description

I don’t understand this Accounting question and need help to study.

In your textbook Intermediate Accounting, 16th edition by Kieso, Weygandt & Warfield/Wiley, read Chapter 13 and write a 1,500 word essay that addresses the following:

- Explain accounts payable and provide an example.

-explain notes payable and provide example

-explain dividends payable and provide example

-explain sales taxes payable and provide example

-explain income taxes payable and provide example

-explain short term obligations expected to be refinanced and provide example

Essay must have:

-introduction

-body

-conclusion (relevant findings)

-references page.

Ever essay must have 5 external references (book only counts as 1). Keep the similarity (turnitin) % at less than 15%. Must be in APA style.

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

Final Answer

Attached.

Running head: LIABILITIES IN ACCOUNTING

Liabilities in Accounting

By (Name)
Course
Professor
Institutional Affiliation
Date

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LIABILITIES IN ACCOUNTING

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Liabilities in Accounting
Introduction

Liabilities are the legal, financial debts that accrue in a business operation. They can also
be termed as financial obligations incurred in the business. They are found on the right side of
the balance sheet. They include accounts payable, dividends payable, income taxes payable
(Kieso, Weygandt & Warfield, 2019). The settlement can enhance an entity in the usage of assets
or getting services of economic benefits in the future. It can either be legally enforceable or
based on constructive obligation, equitable obligation.
Accounts Payable
Accounts payable comprise of a ledger that contains the company's obligation in paying
the short-term debts to the creditors. It can also postulate the department with the responsibility
to make payments to the suppliers to the company. It is jotted in the balance sheet in the
liabilities portion. These debts should be paid within a given time. It helps in the management of
a company's cash flow as a higher AP translates to a lot of goods bought on credit while a low
AP translates to fast repayment of loans. In large businesses, the AP department has a role in the
management of travel expenses, including airlines. It is used to settle the funds used in
reimbursement requests. It is also composed of control of petty cash and sales tax. It, therefore,
performs the supply of sales tax certificates to enhance that business purchase is not inclusive of
sales tax expense. It also facilitates the maintenance of vendor contact information or payment
terms in the database. It also has an analysis report showing what the business owes. It can also
enable a reduction of costs by recognition of details and development of strategies that help in
saving the business money. It involves a lot of procedures to adhere to in case of vendor

LIABILITIES IN ACCOUNTING

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payment. There is receiving the bill and the reviewing of the bill details. Records are updated
regularly to enable timely payments are made. We h...

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Carnegie Mellon University

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