What is the primary characteristic of liabilities?
What are Liabilities - Financial Accounting

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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
They are the equity held by shareholders.
They are the profits earned by the business.
They are assets owned by the business.
They are amounts owed to others.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT an example of a liability?
Accounts receivable
Salaries payable
Notes payable
Accounts payable
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can you differentiate between payables and receivables?
Payables are expected payments, and receivables are expected receipts.
Both are expected payments.
Both are expected receipts.
Payables are expected receipts, and receivables are expected payments.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does unearned revenue represent?
A type of asset
A product or service already delivered
A future obligation to deliver a product or service
An immediate cash inflow
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When does unearned revenue become earned revenue?
When the cash is received
When the product or service is delivered
When the business incurs a loss
When the liability is recorded
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