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 would NOT appear as a liability on the balance sheet?

Accounts Receivable

Notes Payable

Unearned Revenue

Accrued Expenses

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Verified step by step guidance

Step 1: Understand the concept of liabilities. Liabilities are obligations that a company owes to external parties, typically involving the payment of money, goods, or services in the future. Examples include loans, accounts payable, and unearned revenue.

Step 2: Review each option provided in the question and determine whether it represents a liability. For example, 'Notes Payable' is a liability because it represents a written promise to pay a specific amount in the future.

Step 3: Analyze 'Unearned Revenue.' This is a liability because it represents money received from customers for goods or services that have not yet been delivered or performed.

Step 4: Examine 'Accrued Expenses.' These are liabilities because they represent expenses that have been incurred but not yet paid, such as wages payable or interest payable.

Step 5: Evaluate 'Accounts Receivable.' This is not a liability; instead, it is an asset because it represents money owed to the company by customers for goods or services already provided.