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

1. Introduction to Accounting

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

Which of the following is NOT reported as a liability on a balance sheet?

Accounts Receivable

Notes Payable

Accrued Expenses

Unearned Revenue

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Verified step by step guidance

Step 1: Understand the concept of liabilities. Liabilities are obligations that a company owes to external parties, typically arising from past transactions or events. They are reported on the balance sheet and include items such as loans, accounts payable, accrued expenses, and unearned revenue.

Step 2: Review the provided options. The options are: Accounts Receivable, Notes Payable, Accrued Expenses, and Unearned Revenue. Determine which of these items does not fit the definition of a liability.

Step 3: Clarify the nature of each option: - Accounts Receivable: This represents amounts owed to the company by customers for goods or services provided on credit. It is an asset, not a liability. - Notes Payable: This represents amounts the company owes to creditors, typically documented in formal agreements. It is a liability. - Accrued Expenses: These are expenses that have been incurred but not yet paid. They are liabilities. - Unearned Revenue: This represents payments received from customers for goods or services not yet delivered. It is a liability because the company has an obligation to deliver the goods or services.

Step 4: Identify the item that is not a liability. Based on the definitions above, Accounts Receivable is an asset and does not meet the criteria for being a liability.

Step 5: Conclude that Accounts Receivable is the correct answer to the question, as it is not reported as a liability on the balance sheet.