Which of the following would be classified as a current liability? a) Long-term loan b) Notes Payable (due in 6 months) c) Buildings d) Retained Earnings
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- Which of the following is most likely to be classified and reported as current liability? a. Bond Payable b. Unearned Rent c. Mortgage Payable d. Two-year Note Payable e. None of the above.Which of the following would be considered a long-term liability? a. interest payable b. mortgages payable c. accounts payable d. salaries payableWhich 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 liability
- which of the followings is considered as long term liability :Select one .a mortgage payable .b current portion of long term liability .C bank overdraft .d unearned revenuesWhich of the following is an accrued liability? * O Unearned subscriptions revenue Current portion of long-term debt payable O wages payable O Rent revenueThe estimated warranty obligation at the end of the financial year is best described as a A. Uncertain liability OB. Contingent liability O C. Liability O D. Constructive liability OE. Unrecognized liability
- Which of the following is a charteristic of a current liability? A)a current liability must be of a known amount B)a current liability is due within one year or one operating cycle, whichever is longer C)a current liability must be of an estimated amount D)current liability’s are subtracted from long term liabilities on the balance sheetWhich of the following is not considered a current liability? A. Accounts Payable B. Unearned Revenue C. the component of a twenty-year note payable due in year 20 D. current portion of a noncurrent note payableThe current portion of long-term debt should a.be reclassified as a current liability b.be paid immediately c.not be separated from the long-term portion of debt d.be classified as a long-term liability
- What are the criteria for classifying an item as a current liability? What are some examples of current liabilities? Why is it important to classify a portion of long-term debt on a yearly basis as a current liability? What is the implication of misclassifying a liability as current or long-term?5. Which of the following is a characteristic of a current liability? OA current liability must be of a known amount. OA current liability is due within one year or one operating cycle, whichever is longer. A current liability must be of an estimated amount. Current liabilities are subtracted from long-term liabilities on the balance sheet.Which item below is not a current liability? Select one: O O a. Unearned revenue b. Trade accounts payable c. cash dividends d. The currently maturing portion of long-term debt