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Flashcards - Current and Long-Term Liabilities in Accounting

Flashcards - Current and Long-Term Liabilities in Accounting
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Long-term liabilities
Long-term liabilities are liabilities with a future benefit over one year, such as notes payable that mature longer than one year
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debentures
Debentures are generally freely transferable by the debenture holder
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Interest
Interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum
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principal

The capital or main portion of an investment, loan or estate.

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present value
In economics, present value, also known as present discounted value, is the value of an expected income stream determined as of the date of valuation
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Property taxes
A property tax is a levy on property that the owner is required to pay
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bond
In finance, a bond is an instrument of indebtedness of the bond issuer to the holders
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bond
In finance, a bond is an instrument of indebtedness of the bond issuer to the holders
Property taxes
A property tax is a levy on property that the owner is required to pay
present value
In economics, present value, also known as present discounted value, is the value of an expected income stream determined as of the date of valuation
principal

The capital or main portion of an investment, loan or estate.

Interest
Interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum
debentures
Debentures are generally freely transferable by the debenture holder
Long-term liabilities
Long-term liabilities are liabilities with a future benefit over one year, such as notes payable that mature longer than one year
Contingent liabilities
Contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event such as a court case
annuity
An annuity is a series of equal payments at regular intervals
Bonds
A municipal bond is a bond issued by a local government or territory, or one of their agencies
discount
Discounts and allowances are reductions to a basic price of goods or services
debt service coverage ratio
The debt service coverage ratio , also known as "debt coverage ratio" , is the ratio of cash available for debt servicing to interest, principal and lease payments
operating lease
An operating lease is a lease whose term is short compared to the useful life of the asset or piece of equipment being leased
premium
Premiums are promotional items - toys, collectables, souvenirs and household products - that are linked to a product, and often require box tops, tokens or proofs of purchase to acquire

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