Which of the following is least likely to be classified as a current liability? Select one: Accounts payable Income tax payable Bonds payable Unearned revenue
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Which of the following is least likely to be classified as a current liability?
Select one:
Accounts payable
Income tax payable
Bonds payable
Unearned revenue
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- Which of the following is most likely to be regarded as an estimated liability that is subject to provision? a. Deferred revenues b. Current portion of a long-term debt c. Payroll liabilities d. Vacation pay liabilityWhich among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d. AssetWhich one of the following category unearned revenue belong to? a. Limited liability b. Current liability c. Lon-term liability d. Contingent liability
- How does unearned revenue arise? Why can it be classifiedproperly as a current liability? Give several examplesof business activities that result in unearned revenues.Which of the following would not be considered a general long term liability?Select one:a. Long term promissory notesb. Long term portion of judgementc. Unfunded compensated absencesd. Unfunded rent obligationUnder what circumstances is a contingent liability reflected in the accounting records as though an actual liability exists?
