Table of contents

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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

20. Which of the following best describes an amount owed by a business?

Liability

Asset

Revenue

Equity

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Understand the definitions of the terms provided in the options: Liability, Asset, Revenue, and Equity.

Liability refers to an obligation or amount owed by a business to external parties, such as loans, accounts payable, or other debts.

Asset represents resources owned by the business that have economic value, such as cash, inventory, or property.

Revenue is the income generated from the business's operations, such as sales or services provided.

Equity represents the owner's claim on the assets of the business after liabilities are deducted. Based on these definitions, the term that best describes an amount owed by a business is 'Liability'.