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 a long-term debt obligation of a corporation or government?

Unearned revenue

Bond payable

Accounts payable

Salaries payable

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Verified step by step guidance

Step 1: Understand the concept of long-term debt obligations. Long-term debt refers to financial obligations that are due more than one year in the future. These are typically used by corporations or governments to finance large projects or investments.

Step 2: Analyze the options provided. Unearned revenue, accounts payable, and salaries payable are all short-term liabilities or obligations. They are typically settled within a year and do not qualify as long-term debt.

Step 3: Focus on the term 'Bond payable.' Bonds are a form of long-term debt issued by corporations or governments to raise capital. Investors purchase these bonds, and the issuer agrees to pay interest periodically and repay the principal amount at maturity, which is usually more than one year in the future.

Step 4: Compare 'Bond payable' with the other options. Unearned revenue represents money received for services not yet performed, accounts payable represents short-term obligations to suppliers, and salaries payable represents wages owed to employees. None of these are long-term debt obligations.

Step 5: Conclude that 'Bond payable' is the correct answer because it is a long-term debt obligation used by corporations or governments to finance operations or projects.