Describe Briefly How Each of the Following Long-Term Liabilities Arises

question 152

Essay

Describe briefly how each of the following long-term liabilities arises (i.e. ,what kind of transaction produces the resulting long-term liability?)You may want to include the appropriate accounts to increase or decrease (ignore amounts)in your description.
a)Long-term debt
b)Deferred income taxes

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Definitions:

Complex Adaptive Systems

Systems that are composed of interacting elements that adapt and evolve in response to changing conditions.

Organizational Change

The process through which organizations adapt or transform their structures, strategies, operations, or culture to deal with new challenges.

Autocratic

A leadership style characterized by individual control over all decisions and little input from group members.

Democratic Style

A leadership or decision-making style characterized by the inclusion of all members in the decision-making process, valuing equality and participation.