Week 4 Reading Concept Summary

** PLEASE NO PLAGIARISM. MUST BE ORIGINAL WORK. USE REFERENCES IF NEEDED **

Write a 260- to 350-word summary of this week's readings.

Describe major concepts you learned on Liabilities: Current or Long Term. Explain how to determine liability.  

• 
  
  Distinguish between current and long-term liabilities as well as the reporting requirements for each.
• What is a contingency?
• Why are contingencies important to users of financial statements? 
• What are the criteria for recording contingencies? 

Explain how you can apply what you learned to your current or future workplace.

** INCLUDE AN INTRODUCTION AND A CONCLUSION **

TExtbook materials: Kieso, D.E., Weygandt, J.J., Warfield, T.D.(2016). Intermediate Accounting. (16^th ed.). John Wiley & Sons.