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Chapter 13: Current Liabilities and Contingencies

Horizontales
When accounts receivable serve as collateral.
Confirming event is more than remote but less than likely.
Abbreviation for taxes withheld from paychecks for Social Security and Medicare.
Obligations that can be short-term or long-term and recognized by a promissory note.
Unsecured notes sold in denominations of at least $25,000 due in 1 to 270 days.
___-_____ bearing note in which the Interest is deducted or discounted from its face amount.
Pending or ongoing litigation.
A warranty that provides protection beyond the manufacturer's original warranty.
When accounts receivable are sold outright.
A guarantee of a product or service by the manufacturer or seller.
Occurs when gift card redemption is remote or expired.
Liabilities until related product or service is provided.
Compensation expense that is not permanent.
A line of credit with a formal agreement.
Verticales
Liabilities payable more than one year or firm's operating cycle.
Abbreviation for where employers remit federal income taxes for employees.
Return for using lender's money.
A line of credit with an informal agreement.
An agreement to provide short-term financing.
Expenses already incurred but not yet paid.
Obligations to suppliers for merchandise or services purchased on open account; of short duration.
Potential loss or gain based upon whether a future event occurs.
Chance of confirming event is slight.
Liabilities payable within one year or firm's operating cycle.
Confirming event is likely.