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

Which of the following is an example of a multi-period known liability?

Notes payable due in three years

Accounts payable due in 30 days

Estimated warranty liability for a single product

Unearned revenue from a one-time service

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Verified step by step guidance

Step 1: Understand the concept of a multi-period known liability. A multi-period known liability refers to an obligation that spans multiple accounting periods and whose amount and timing are known or fixed.

Step 2: Analyze each option provided in the problem. For example, 'Notes payable due in three years' is a liability that spans multiple periods and has a known amount and due date, making it a multi-period known liability.

Step 3: Compare this to 'Accounts payable due in 30 days,' which is a short-term liability and does not span multiple periods, so it does not qualify as a multi-period known liability.

Step 4: Evaluate 'Estimated warranty liability for a single product.' This is an estimated liability and not a known liability, as the exact amount and timing are uncertain.

Step 5: Assess 'Unearned revenue from a one-time service.' This is a liability but typically resolved within a single accounting period, so it does not span multiple periods and is not a multi-period known liability.