Which of the following items would be classified as liabilities on a not-for-profit organization’s balance sheet?...

Which of the following items would be classified as liabilities on a not-for-profit organization’s balance sheet? (select ALL that apply)

A. Investments
B. Contingent liability
C. Prepaid expenses
D. Accounts receivable
E. Unearned Revenue
F. Post-employment benefit obligations

Solutions

Expert Solution

Right answer is Option:

E.Unearned Revenue

F.Post-Employement benefit obligations

Investments, Prepaid Expenses and Accounts Receivable are Current Assets

Contingent liabilities are can be categorised as liability if probability is high to incure and amount can be ascertained.

Unearned Revenue is that part of Revenue against which we have received the payment but Service is not rendered So it is considered as Liability.

Post Employement benefit is the benefit employees received at retirement so it is considerd as liability.

ekkarill92 answered 1 year ago

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