Accounting for Long-Term Liabilities

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is a bond?

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1. What is a long term liability?

2. Which of the following statements is accurate when it comes to vesting?

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About This Quiz & Worksheet

Accountants must carefully track long-term liabilities in a variety of forms when balancing a company's books. To successfully pass this quiz, you must be able to differentiate between these forms and understand how each version is tracked.

Quiz & Worksheet Goals

To demonstrate your knowledge of long-term liabilities, you will be quizzed on:

  • How long-term liabilities are defined
  • Ways in which bonds, pensions, operating leases, and capital leases are tracked
  • The difference between expenses and liabilities

Skills Practiced

  • Distinguishing differences - compare and contrast expenses and liabilities
  • Defining key concepts - ensure that you can accurately define examples of long-term liabilities, such as bonds, pensions, operating leases, and capital leases
  • Making connections - use your understanding of the concept of long-term liabilities and how they apply to accounting principles

Additional Learning

To learn more about this subject, please refer to the lesson entitled Accounting for Long-Term Liabilities. The lesson covers:

  • The various versions of long-term liabilities
  • How these various liabilities are tracked from an accounting perspective
  • Examples of long-term liabilities in everyday business scenarios
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