All of the Following Are Reported as Current Liabilities Except

question 143

Multiple Choice

All of the following are reported as current liabilities except

• A) accounts payable.
• B) bonds payable.
• C) notes payable.
• D) unearned revenues.

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Definitions:

Wal-Mart Stores

A multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores.

Remainderman

The person or entity entitled to receive the remainder of an estate or trust once all prior obligations or life estates are satisfied.

Credit Shelter Trust

A legal arrangement allowing a person to bequeath an amount under the estate tax exemption to beneficiaries other than their spouse, minimizing estate taxes.

Federal Income Tax

The tax levied by the U.S. federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.