All of the Following Are Reported as Current Liabilities EXCEPT

question 173

Multiple Choice

All of the following are reported as current liabilities EXCEPT:

• A)unearned revenues for services to be provided in 16 months.
• B)sales tax payable.
• C)accounts payable.
• D)bonds payable due in 6 months.

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Definitions:

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the United States to ensure financial statements are consistent and transparent.

IFRS

International Financial Reporting Standards - a set of accounting guidelines that provide the basis for cross-border financial reporting.

Specific Identification

An inventory valuation method in which the cost of each specific item in inventory is tracked and used to calculate cost of goods sold.

LIFO

Last In, First Out, a method of inventory accounting where items produced last are considered the first to be sold.