Which of the Following Accounts Could Not Be Classified as a Current

question 70

Multiple Choice

Which of the following accounts could not be classified as a current liability?

• A) Unearned revenues.
• B) Notes payable (due in 11 months).
• C) Accounts payable.
• D) Current portion of long-term note payable.
• E) Notes payable (due in 5 years).

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Definitions:

Social Change

Transformations in the social structures and cultural practices of a society.

Nonprofits

Organizations that operate primarily for a public or social benefit rather than for the profit of private owners or shareholders.

Critical Role

An essential position or function within an organization that is fundamental to its operation or success.

Revenue Ruling 2007-41

A guideline issued by the IRS regarding the political activity limitations of tax-exempt organizations under section 501(c)(3) of the Internal Revenue Code.