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

Deferred revenues and accrued salaries payable are examples of which of the following?

Current liabilities

Owner's equity

Long-term liabilities

Contingent liabilities

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Verified step by step guidance

Understand the concept of deferred revenues: These are payments received by a company for goods or services that have not yet been delivered or performed. They represent an obligation to provide goods or services in the future.

Understand the concept of accrued salaries payable: These are salaries that employees have earned but have not yet been paid by the company. They represent an obligation to pay employees in the near future.

Recognize that both deferred revenues and accrued salaries payable are obligations that the company expects to settle within a short period, typically within one year.

Learn the definition of current liabilities: Current liabilities are obligations that are expected to be settled within one year or within the operating cycle of the business, whichever is longer.

Conclude that deferred revenues and accrued salaries payable fall under the category of current liabilities because they are short-term obligations that the company needs to address in the near future.