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 general, statutory, and involuntary lien on both real and personal property?

Mortgage lien

Mechanic's lien

Federal tax lien

Judgment 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. Liens can be voluntary (agreed upon by the property owner) or involuntary (imposed by law).

Differentiate between the types of liens mentioned: A mortgage lien is a voluntary lien specific to real property, a mechanic's lien is an involuntary lien specific to improvements made to real property, and a judgment lien is an involuntary lien resulting from a court judgment.

Focus on the federal tax lien: A federal tax lien is a general, statutory, and involuntary lien imposed by the government to secure payment of unpaid taxes. It applies to both real and personal property owned by the taxpayer.

Analyze why the federal tax lien is the correct answer: Unlike the other liens mentioned, the federal tax lien is general (not limited to specific property), statutory (created by law), and involuntary (imposed without the owner's consent).

Conclude the reasoning: Based on the definitions and characteristics of the liens, the federal tax lien fits the criteria of being general, statutory, and involuntary, applying to both real and personal property.