Week 4 Reading Concept Summary
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. (16th ed.). John Wiley & Sons.