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

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Multiple Choice

A lien that arises as a result of a court judgment is classified as which type of lien?

Judgment lien

Mortgage lien

Mechanic's lien

Tax lien

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Verified step by step guidance

Understand the concept of a lien: A lien is a legal claim or right against a property that allows the holder to secure payment of a debt or obligation.

Learn about the different types of liens: Judgment lien, Mortgage lien, Mechanic's lien, and Tax lien. Each type arises from specific circumstances.

Focus on the Judgment lien: This type of lien is created as a result of a court judgment, typically when a creditor wins a lawsuit against a debtor and is granted the right to place a lien on the debtor's property.

Compare the Judgment lien with other types: Mortgage liens are tied to loans for purchasing property, Mechanic's liens arise from unpaid work or materials for property improvement, and Tax liens are imposed by the government for unpaid taxes.

Conclude that the correct classification for a lien arising from a court judgment is a Judgment lien, based on its definition and origin.