Which of the following statements is false about liabilities

Which of the following statements is false about liabilities

5

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Which of the following statements is false about liabilities?

 

They can be classified as either current or long-term

 

They are recorded when paid

 

They are generally valued at the amount of money needed to pay the debt or reported at the fair market value of the goods or services to be delivered

 

Disclosures in the notes to the financial statements are required for most liabilities

 

6

Unearned revenue is initially recognized with a:

 

Credit to revenue

 

Credit to unearned revenue

 

Debit to unearned revenue

 

Debit to revenue payable

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