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 terms refers to all money owed by a company to outside parties?

Assets

Revenue

Liabilities

Equity

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Verified step by step guidance

Understand the key terms in the question: 'money owed by a company to outside parties' refers to obligations or debts that the company must settle in the future.

Review the definition of 'Liabilities': Liabilities are obligations that a company owes to external parties, such as loans, accounts payable, or other forms of debt.

Contrast 'Liabilities' with other terms provided: 'Assets' are resources owned by the company, 'Revenue' is income earned from operations, and 'Equity' represents the owners' residual interest in the company after liabilities are subtracted from assets.

Identify that 'Liabilities' is the correct term because it specifically refers to the company's obligations to outside parties.

Conclude that the correct answer is 'Liabilities' based on the definitions and the context of the question.