LO2-01: Define liabilities and distinguish between current and long-term liabilities.
LO2-02: Account for the issuance and payment of various forms of notes and record the interest on the notes.
LO2-03: Characterize accrued liabilities and liabilities from advance collection and describe when and how they should be recorded.
LO2-04: Determine when a liability can be classified as a noncurrent obligation.
LO2-05: Identify situations that constitute contingencies and the circumstances under which they should be accrued.
LO2-06: Demonstrate the appropriate accounting treatment for contingencies, including unasserted claims and assessments.
LO2-07: Discuss the primary differences between U.S. GAAP and IFRS with respect to current liabilities and contingencies.