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

What kind of lien is a property tax (ad valorem tax) lien?

An equitable lien

A specific lien

A voluntary lien

A general 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, typically used as security for a debt or obligation.

Learn about the types of liens: Liens can be classified as specific liens (attached to a particular property) or general liens (attached to all assets of a debtor). They can also be voluntary (agreed upon by the property owner) or involuntary (imposed by law).

Focus on property tax (ad valorem tax) liens: These are involuntary liens imposed by the government to ensure payment of property taxes. They are tied specifically to the property for which the taxes are owed.

Determine the correct classification: Since property tax liens are tied to a specific property and are imposed by law, they are considered specific liens.

Conclude that property tax (ad valorem tax) liens are specific liens, as they meet the criteria of being attached to a particular property and are involuntary in nature.