Accounting for Non-Accountants -
Accounting for Non-Accountants is a 20-hour
strictly online accounting course that requires no
textbook or live instructor. It is a self-paced accounting tutorial
that can be taken 24/7 conveniently in your own home, office, or
from any computer that has access to the Internet.
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that is owed to others is a liability. Liabilities are often
referred to as "payables".
are generally separated into two groups:
to others that are due in a short period of time and are paid with current
that are "fixed" or paid over a long period of time, often for
Notes Payable -
Promissory notes to creditors.
Accounts Payable - What
you owe others on account.
Unearned Revenue - You've
been paid, but haven't delivered.
Salaries Payable -
Salaries you owe employees.
Interest Payable -
Interest you owe.
Taxes Payable - Taxes you
that are carried over a number of years or at least more than one
accounting cycle. Examples of long-term liabilities are mortgages
payable, bonds payable, and long-term notes.