Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

9. Current Liabilities

Types of Liabilities

Financial Accounting

9. Current Liabilities

Types of Liabilities

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

The total amount the U.S. owes to other countries and companies is called what?

Deferred revenue

Accounts payable

Contingent liability

Foreign debt

Previous problemNext problem

Verified step by step guidance

Understand the concept of foreign debt: Foreign debt refers to the total amount a country owes to external creditors, including other countries, international organizations, and foreign companies.

Differentiate foreign debt from other financial accounting terms: Deferred revenue refers to income received before it is earned, accounts payable represents amounts owed to suppliers for goods or services, and contingent liability is a potential obligation dependent on future events.

Recognize that foreign debt is a macroeconomic term rather than a specific financial accounting term, but it is relevant in understanding a country's financial obligations.

Relate foreign debt to international borrowing: Countries often borrow money from external sources to finance projects, stabilize their economy, or address budget deficits.

Conclude that the correct term for the total amount the U.S. owes to other countries and companies is foreign debt, as it encompasses all external financial obligations.