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There are tens [if not hundreds] of items [transactions] to be classified as “current liabilities”. The bigger business most likely have more of these items. Therefore,...
Current liabilities, basically, are obligations arising from past events which must be paid or settled within a year or within the operating cycle of the business,...
There are 2 types of adjustment entries in accounting (bookkeeping), they are: Deferral and Accrual Adjustment. Deferral Adjustments Deferral adjustments are used for updating accounts...