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Select one of the following short-term (current) liabilties and describe some of the accounting requirements...

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Accounting

Select one of the following short-term (current) liabilties and describe some of the accounting requirements for recognizing/accounting for it:

  1. Accounts Payable
  2. Notes Payable
  3. Payroll
  4. Contingent Liabilites

Then describe how working capital, current ratio and quick ratio can be useful in making economic decisions. Who would be making these decisions?

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