Which of the following accounts is a liability? Wages payable. Which of the following would not be considered a contingent liability? question now and for free without signing up. 2. A. Accounts payable and current portion of long-term debt. Which of the following is not a current liability? Options. Which of the following would you not include in the chart of accounts? B. 4. See Answer. (a) A sole trader is liable to pay income tax on his/her earnings ... Types of Accounts MCQs. d. Prepaid Rent Expense. Correct! B. B. C. Rent revenue received in advance. Accounts Receivable. B) It is a liability account. In general, a liability is an obligation between one party and another not yet completed or paid for. Trivia quiz which has been attempted 2185 times by avid quiz takers. Notes payable and deferred taxes. Get an answer for 'Answer true or false to the following statements: For the trial balance to balance the debits must equal the credits. Question Which of the following is not a liability? $2,821.50. Potential fines from the EPA B. (a) S Type (b) PC (c) LLP (d) None. 3. Accounts payable B. a. Liability. Want to see this answer and more? Which asset-liability combination would most likely result in the firm's having the greatest risk of technical insolvency? They are settled over a particular period. Accounts Payable . B. Unearned subscriptions revenue. 2. Check out a sample Q&A here. A) It is a contra asset account. A revenue stream B. B. A liquid asset C. Accounts payable D. Accounts receivable Weegy: Accounts payable is a type of liability. A. accounts payable B. notes payable and current maturities of long-term debt C. accrued liabilities D. both (a) and (c) Answer: D Long-term warranties and accounts payable. 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 accounts could be categorized as either a current or noncurrent liability depending on date the debt is due?1. Which of the following is/are true about the sole trader form of business? C) It is used instead of reducing accounts receivable directly. Try this amazing Accounts Questions Test Quiz! innersource|Points 7713| User: In double-entry accounting, where should you record money that is leaving your company to pay bills?A. 83.Which of the following liability accounts is likely to be satisfied without a future cash payment? Find 8 answers to Which Of The Following Accounts Is A Liability? 57 have arrived to our website from a total 600 that searched for it, by searching Which Of The Following Accounts Is A Liability?. 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 … Which of the following would likely be considered a long-term liability . 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. A. sales tax payable B. accounts payable C. unearned revenue D. income taxes payable Question Title * Please choose an appropriate title for the question to answer it even easier . D. A six-month bank loan to be paid with … Service Revenue. A long-term note payable maturing within the coming year. Accounts payable was $29.1 billion and is short-term debt owed by Apple to its suppliers. Accounts payable normal balance: Accounts payable is a liability on the right side of the accounting equation and is normally a credit balance. Note payable, due in 2 years C. Salaries and wages payable D. Income taxes payable 55. Commercial paper was $9.9 billion for the period. A. D) It is debited when uncollectible accounts are written off. Liability Accounts List. Username * Please type your username .. E-Mail * Please type your E-Mail .. A) Vehicle loan . A. D. Sales tax payable. Also explore over 263 similar quizzes in this category. D. Accrued liabilities at year-end will become accounts payable during the following year. c. Unearned Revenue. Solution for Which of the following accounts is a liability? Want to see the step-by-step answer? These are to be settled via transfer of economic resources which can either be money, sale of goods or services. C. Evidence supporting accrued liabilities is nonexistent, while evidence supporting accounts payable is readily available. A) Checking account . Mortgage payable C. Pending legal action D. Cosigning a loan 3. which of the following accounts does not belong in the liability section of a balance sheet? Accounts payable and current portion of long-term debt. 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). 3. 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. E) It is credited when bad debts expense is estimated and recorded. $119.84. Long-term warranties b. In the debits column B. Payments for these purchases occur within the company’s operating cycle. B) creditor. A note payable due in 2 years. Organizations which combine the limited liability advantage of a partnership are called as? Accounts payable is the opposite of accounts receivable, which is the money owed to a company. Liabilities: Liabilities are listed on the balance sheet and represent the obligations of a company as of the balance sheet date. They do not include interest and are established with an invoice outlining purchase details, credit terms, and shipping charges. Which of the following accounts is not classified as a current liability? A company might maintain subsidiary accounts for which of the following: accounts receivable accounts payable inventory all of the above 10. Which of the following items is not a current liability? B) Accounts payable . C) Depreciation Expense . Of the following, which typically would not be classified as a current liability? 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. Liabilities can be classified as current or non current. Following are the common liability accounts: Accounts Payable: The amount that a business owes to outsiders, which is unpaid yet. Accounts receivable normal balance: Accounts receivable is an asset on the left side of the accounting equation and is normally a debit balance. Liability is an obligation, that is legal to pay like debt or the money to pay for the services or the goods utilized. Notes payable and deferred taxes.2. B) Vendor record . The accounts payable line item arises when a company receives a product or service before it pays for it. a. mortgage payable b. accounts payable c. taxes payable d. wages payable C. Accrued interest payable. D) insurance due but unpaid. Some of the examples of Liabilities are Accounts payable, Expenses payable, Salaries Payable, Interest payable. Accounts payable. Term debt, which is … A. 4. Which of the following is not true about the Allowance for Doubtful Accounts? a. A. User: Which of the following is a type of liability?A. a.accumulated depreciation b.long term debt c.accounts payable d.accruals Service Revenue c. Unearned Revenue d. Prepaid Rent Expense Which of the following current liability accounts is included in the adjustment of expenses to obtain cash flow from operating activities? The following points can be drawn from the definition above: A liability is a present obligation of a particular entity. 54. The opposite word of the liability is … The normal balance of all liability accounts is a debit. Estimated liability from cash rebate program. Accrued liability balances are less material than accounts payable balances. C) Rent . It is the financial debt of the company which arises due to business operations of the company. Which current liability situation does this best describe? ; 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. E) rent arrears Which of the following is not classified as a current liability account? C. Accounts payable. Accounts Receivable b. Hence, a credit balance in Accounts Payable indicates the … A) accrued wages. Deferred taxes and mortgages due in 30 years. check_circle Expert Answer. Which of the following accounts could be categorized as either a current or noncurrent liability depending on date the debt is due?1. In the credits column C. C) prepayment. It can be defined as the obligation of the company which is to be paid in the future period. Deferred taxes and mortgages due in 30 years. D. Taxes payable. Right side of the following year accounting equation and is normally a debit D.. 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