Unearned revenue indicates that a service or product needs to be provided in the future. Unearned revenue is a type of current liability.

Unearned revenue indicates that a service or product needs to be provided in the future.

Unearned revenue is a type of current liability.

True

	False
Bonds payable is usually a long-term liability.

Which one of the following is not a typical current liability?

FICA taxes payable

Sales taxes payable

Bonds payable

Unearned revenue

Presenting current liabilities in the order in which they were chronologically incurred is generally not acceptable.

Which of the following is not a commonly used method of presenting current liabilities on the balance sheet?

Listing currently maturing long-term debt first

In order of their maturity

Listing current debt in the order of oldest first and then chronologically

In order of magnitude or size