1. Identify the management issues related to recognition, valuation, classification, and disclosure of current liabilities.



2. Identify, compute, and record definitely determinable and estimated current liabilities.



3. Distinguish contingent liabilities from commitments.



4. Define interest and distinguish between simple and compound interest.



5. Use compound interest tables to compute the future value of a single sum at compound interest and of an ordinary annuity.



6. Use compound interest tables to compute the present value of a single sum due in the future and of an ordinary annuity. Apply the concept of time value of money to simple accounting situations.



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