Deferred taxes and mortgages due in 30 years. Hence, a credit balance in Accounts Payable indicates the … A. sales tax payable B. accounts payable C. unearned revenue D. income taxes payable a. Correct! The following points can be drawn from the definition above: A liability is a present obligation of a particular entity. B) Vendor record . See Answer. C. Evidence supporting accrued liabilities is nonexistent, while evidence supporting accounts payable is readily available. Service Revenue c. Unearned Revenue d. Prepaid Rent Expense a. A. Notes payable and deferred taxes. Organizations which combine the limited liability advantage of a partnership are called as? Also explore over 263 similar quizzes in this category. Accounts payable and current portion of long-term debt. B. A) Checking account . User: Which of the following is a type of liability?A. Note payable, due in 2 years C. Salaries and wages payable D. Income taxes payable 55. C) Depreciation Expense . A note payable due in 2 years. Trivia quiz which has been attempted 2185 times by avid quiz takers. B. question now and for free without signing up. Wages payable. Indicate the financial statement on which the account belongs—income statement (IS), statement of owner’s equity (SOE), or balance sheet (BS)—in a format similar to the following. In general, a liability is an obligation between one party and another not yet completed or paid for. B. This answer has been viewed 197 times yesterday and 863 times during the last 30 days. Label each of the following accounts as an asset (A), liability (L), owner’s equity (OE), revenue (R), or expense (E). Which of the following items is not a current liability? Get an answer for 'Answer true or false to the following statements: For the trial balance to balance the debits must equal the credits. Estimated liability from cash rebate program. Accounts Receivable b. These are to be settled via transfer of economic resources which can either be money, sale of goods or services. A revenue stream B. C. Accounts payable. Potential fines from the EPA B. A liquid asset C. Accounts payable D. Accounts receivable Weegy: Accounts payable is a type of liability. D. A six-month bank loan to be paid with … Which of the following accounts is a liability? They do not include interest and are established with an invoice outlining purchase details, credit terms, and shipping charges. 3. Liabilities: Liabilities are listed on the balance sheet and represent the obligations of a company as of the balance sheet date. B) creditor. 4. Liabilities can be classified as current or non current. Solution for Which of the following accounts is a liability? Question Title * Please choose an appropriate title for the question to answer it even easier . C. Rent revenue received in advance. Accounts receivable normal balance: Accounts receivable is an asset on the left side of the accounting equation and is normally a debit balance. 3. d. Prepaid Rent Expense. C) Rent . Liability. It is the financial debt of the company which arises due to business operations of the company. 57 have arrived to our website from a total 600 that searched for it, by searching Which Of The Following Accounts Is A Liability?. Want to see this answer and more? Want to see the step-by-step answer? B) Accounts payable . ; A liability arises from a past transaction or event.They arise from purchase of inventory to be sold, purchase of office supplies and other assets, use of electricity, labor from employees, etc. Which of the following is not a current liability? Try this amazing Accounts Questions Test Quiz! Which of the following is/are true about the sole trader form of business? which of the following accounts does not belong in the liability section of a balance sheet? b. 2. D. Sales tax payable. A) accrued wages. In the credits column C. B. Unearned subscriptions revenue. Notes payable and deferred taxes.2. Accrued liability balances are less material than accounts payable balances. The opposite word of the liability is … Username * Please type your username .. E-Mail * Please type your E-Mail .. D. Taxes payable. E) rent arrears In the debits column B. The accounts payable line item arises when a company receives a product or service before it pays for it. Accounts payable and current portion of long-term debt. Of the following, which typically would not be classified as a current liability? Following are the common liability accounts: Accounts Payable: The amount that a business owes to outsiders, which is unpaid yet. c. Unearned Revenue. Options. innersource|Points 7713| User: In double-entry accounting, where should you record money that is leaving your company to pay bills?A. Question Which of the following is not a liability? Which of the following would you not include in the chart of accounts? Accounts payable B. a.accumulated depreciation b.long term debt c.accounts payable d.accruals Term debt, which is … C) It is used instead of reducing accounts receivable directly. A. accounts payable B. notes payable and current maturities of long-term debt C. accrued liabilities D. both (a) and (c) Answer: D Which current liability situation does this best describe? B) It is a liability account. Which of the following current liability accounts is included in the adjustment of expenses to obtain cash flow from operating activities? Service Revenue. D) It is debited when uncollectible accounts are written off. Long-term warranties Notes Payable: Money which the business owes to third parties which is represented by a written promise to repay at specified date and often bearing interest. Which of the following is not classified as a current liability account? $119.84. A. (a) A sole trader is liable to pay income tax on his/her earnings ... Types of Accounts MCQs. A credit balance is normal and expected for the following accounts: Liability accounts such as Accounts Payable, Notes Payable, Wages Payable, Interest Payable, Income Taxes Payable, Customer Deposits, Deferred Income Taxes, etc. Liability is an obligation, that is legal to pay like debt or the money to pay for the services or the goods utilized. 83.Which of the following liability accounts is likely to be satisfied without a future cash payment? Accounts Payable . Which asset-liability combination would most likely result in the firm's having the greatest risk of technical insolvency? a. accounts payable b. note payable, due in 3 years c. salaries payable d. current portion of long term debt Which of the following accounts would not be included under the property plant and … Some of the examples of Liabilities are Accounts payable, Expenses payable, Salaries Payable, Interest payable. D. Accrued liabilities at year-end will become accounts payable during the following year. C) prepayment. Accounts payable normal balance: Accounts payable is a liability on the right side of the accounting equation and is normally a credit balance. Using a 365-day year, the maturity value of a 180-day note for $2,700 at 9% annual interest is (rounded to the nearest cent) A. Which of the following accounts is not classified as a current liability? A) It is a contra asset account. A long-term note payable maturing within the coming year. They are settled over a particular period. Which of the following is not true about the Allowance for Doubtful Accounts? Find 8 answers to Which Of The Following Accounts Is A Liability? (a) S Type (b) PC (c) LLP (d) None. Check out a sample Q&A here. Commercial paper was $9.9 billion for the period. 4. D) insurance due but unpaid. A. check_circle Expert Answer. Accounts Receivable. Accounts payable. A. $2,821.50. C. Accrued interest payable. E) It is credited when bad debts expense is estimated and recorded. Accounts payable is the opposite of accounts receivable, which is the money owed to a company. Which of the following accounts could be categorized as either a current or noncurrent liability depending on date the debt is due?1. Been attempted 2185 times by avid quiz takers it even easier 2185 times by avid takers... Liability section of a balance sheet and represent the obligations of a balance?... Revenue D. income taxes payable accounts payable is readily available C. taxes payable D. wages payable Payments for these occur... Debited when uncollectible accounts are written off answer it even easier answers to of. Payable was $ 29.1 billion and is normally a credit balance not a current liability?.! Billion and is normally a debit to business operations of the following accounts is not liability. Obligation, that is leaving your company to pay income tax on his/her earnings... Types of accounts current... 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Greatest risk of technical insolvency username * Please choose an appropriate Title the! Is not classified as a current liability? a the coming year … which of following...