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 liabilities could be classified as a multi-period known liability?

Unearned revenue for a one-time event

Accrued wages payable at month-end

Accounts payable due in 30 days

Notes payable with a maturity of 5 years

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Verified step by step guidance

Understand the concept of a multi-period known liability: A multi-period known liability is a financial obligation that spans multiple accounting periods and whose amount and timing are known or can be reasonably estimated.

Analyze each option provided in the problem to determine whether it fits the definition of a multi-period known liability.

Option 1: Unearned revenue for a one-time event. This is not a multi-period liability because it is tied to a single event and does not span multiple periods.

Option 2: Accrued wages payable at month-end. This is a short-term liability that is typically settled within one accounting period, so it does not qualify as a multi-period liability.

Option 3: Notes payable with a maturity of 5 years. This fits the definition of a multi-period known liability because it spans multiple accounting periods and has a known maturity date and amount.