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

A known obligation of an uncertain amount that can be reasonably estimated is called a(n):

Accrued liability

Unearned revenue

Estimated liability

Contingent liability

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Understand the definitions of the terms provided in the problem: Accrued liability, Unearned revenue, Estimated liability, and Contingent liability.

Accrued liability refers to expenses that have been incurred but not yet paid, such as wages payable or interest payable.

Unearned revenue refers to money received by a company for goods or services that have not yet been delivered or performed.

Estimated liability refers to a known obligation where the exact amount is uncertain but can be reasonably estimated, such as warranty obligations or pension liabilities.

Contingent liability refers to a potential obligation that depends on the occurrence of a future event, such as lawsuits or guarantees. Compare these definitions to the problem statement to identify the correct term.