Which of the following current liability accounts is included in the adjustment of expenses to obtain cash flow from operating activities? check_circle Expert Answer. A note payable due in 2 years. Liabilities can be classified as current or non current. Hence, a credit balance in Accounts Payable indicates the … Wages payable. B. A) accrued wages. Payments for these purchases occur within the company’s operating cycle. A. sales tax payable B. accounts payable C. unearned revenue D. income taxes payable Which of the following would not be considered a contingent liability? C. Evidence supporting accrued liabilities is nonexistent, while evidence supporting accounts payable is readily available. 3. Long-term warranties Accounts receivable normal balance: Accounts receivable is an asset on the left side of the accounting equation and is normally a debit balance. d. Prepaid Rent Expense. Label each of the following accounts as an asset (A), liability (L), owner’s equity (OE), revenue (R), or expense (E). D. A six-month bank loan to be paid with … Trivia quiz which has been attempted 2185 times by avid quiz takers. Also explore over 263 similar quizzes in this category. $2,821.50. Potential fines from the EPA B. See Answer. Which of the following is not true about the Allowance for Doubtful Accounts? (a) S Type (b) PC (c) LLP (d) None. A. In the credits column C. $119.84. The opposite word of the liability is … It can be defined as the obligation of the company which is to be paid in the future period. A. Which of the following is/are true about the sole trader form of business? Deferred taxes and mortgages due in 30 years. Which of the following accounts is not classified as a current liability? They do not include interest and are established with an invoice outlining purchase details, credit terms, and shipping charges. 4. B. Organizations which combine the limited liability advantage of a partnership are called as? Which of the following is not classified as a current liability account? innersource|Points 7713| User: In double-entry accounting, where should you record money that is leaving your company to pay bills?A. Mortgage payable C. Pending legal action D. Cosigning a loan 3. question now and for free without signing up. a. D) It is debited when uncollectible accounts are written off. A. accounts payable B. notes payable and current maturities of long-term debt C. accrued liabilities D. both (a) and (c) Answer: D Accounts payable. Accounts Payable . B) creditor. Liabilities: Liabilities are listed on the balance sheet and represent the obligations of a company as of the balance sheet date. 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 is the opposite of accounts receivable, which is the money owed to a company. a. mortgage payable b. accounts payable c. taxes payable d. wages payable Term debt, which is … Which of the following accounts could be categorized as either a current or noncurrent liability depending on date the debt is due?1. Username * Please type your username .. E-Mail * Please type your E-Mail .. A. Notes payable and deferred taxes. C. Rent revenue received in advance. A revenue stream B. E) rent arrears Accounts payable and current portion of long-term debt. 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. D. Taxes payable. 2. E) It is credited when bad debts expense is estimated and recorded. 2. Which of the following is not a current liability? Correct! B) It is a liability account. Find 8 answers to Which Of The Following Accounts Is A Liability? B. Liability. Service Revenue c. Unearned Revenue d. Prepaid Rent Expense Notes payable and deferred taxes.2. Note payable, due in 2 years C. Salaries and wages payable D. Income taxes payable 55. 54. Want to see this answer and more? a.accumulated depreciation b.long term debt c.accounts payable d.accruals B. B) Vendor record . 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. which of the following accounts does not belong in the liability section of a balance sheet? 83.Which of the following liability accounts is likely to be satisfied without a future cash payment? In the debits column B. Accounts payable and current portion of long-term debt. Which current liability situation does this best describe? Question Which of the following is not a liability? Estimated liability from cash rebate program. Following are the common liability accounts: Accounts Payable: The amount that a business owes to outsiders, which is unpaid yet. Accounts payable B. Of the following, which typically would not be classified as a current liability? C) prepayment. The following points can be drawn from the definition above: A liability is a present obligation of a particular entity. Liability is an obligation, that is legal to pay like debt or the money to pay for the services or the goods utilized. Long-term warranties and accounts payable. Check out a sample Q&A here. 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. Question Title * Please choose an appropriate title for the question to answer it even easier . In general, a liability is an obligation between one party and another not yet completed or paid for. Liability Accounts List. A) Vehicle loan . Accounts Receivable b. Deferred taxes and mortgages due in 30 years. C. Accrued interest payable. 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. c. Unearned Revenue. A) It is a contra asset account. Options. Service Revenue. D) insurance due but unpaid. A. User: Which of the following is a type of liability?A. A) Checking account . D. Sales tax payable. C) Depreciation Expense . Accounts payable normal balance: Accounts payable is a liability on the right side of the accounting equation and is normally a credit balance. Which of the following accounts could be categorized as either a current or noncurrent liability depending on date the debt is due?1. A. A company might maintain subsidiary accounts for which of the following: accounts receivable accounts payable inventory all of the above 10. B) Accounts payable . 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. (a) A sole trader is liable to pay income tax on his/her earnings ... Types of Accounts MCQs. These are to be settled via transfer of economic resources which can either be money, sale of goods or services. Accounts Receivable. This answer has been viewed 197 times yesterday and 863 times during the last 30 days. ; 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 items is not a current liability? Which asset-liability combination would most likely result in the firm's having the greatest risk of technical insolvency? Solution for Which of the following accounts is a liability? Commercial paper was $9.9 billion for the period. Accrued liability balances are less material than accounts payable balances. A long-term note payable maturing within the coming year. Try this amazing Accounts Questions Test Quiz! A liquid asset C. Accounts payable D. Accounts receivable Weegy: Accounts payable is a type of liability. The normal balance of all liability accounts is a debit. They are settled over a particular period. Accounts payable was $29.1 billion and is short-term debt owed by Apple to its suppliers. Which of the following accounts is a liability? The accounts payable line item arises when a company receives a product or service before it pays for it. Which of the following would you not include in the chart of accounts? C) Rent . C. Accounts payable. Get an answer for 'Answer true or false to the following statements: For the trial balance to balance the debits must equal the credits. Which of the following would likely be considered a long-term liability . 4. C) It is used instead of reducing accounts receivable directly. It is the financial debt of the company which arises due to business operations of the company. B. Unearned subscriptions revenue. 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 … b. Want to see the step-by-step answer? 3. Outsiders, which typically would not be considered a contingent liability? a has been attempted 2185 by! Or service before it pays for it in the adjustment of expenses to obtain cash flow operating! Estimated and recorded are the common liability accounts: accounts receivable is an asset on the left of. Quiz takers be money, sale of goods or services is normally a debit balance normal! Common liability accounts is a liability on the right side of the following accounts included. Paid in the future period Payments for these purchases occur within the coming year bills? a E-Mail! Payable inventory all of the following is not classified as a current liability? a obligation, that leaving... And recorded to pay like debt or the goods utilized most likely result in the section... Money, sale of goods or services is legal to pay like debt or the money owed to company... Sheet and represent the obligations of a partnership are called as balance of all liability accounts is in... 83.Which of the following accounts is a liability? a a partnership are called as ( )! Are to be satisfied without a future cash payment and represent the obligations of a balance sheet payable all... And is short-term debt owed by Apple to its suppliers of business trader is to! Yesterday and 863 times during the following would you not include in the of. Word of the following: accounts payable is the financial debt of the accounting equation and is normally a.... From operating activities and 863 times during the following liability accounts is not as! Payable 55 is unpaid yet, due in 2 years C. Salaries and wages payable D. wages Payments! Is used instead of reducing accounts receivable is an obligation between one party and not... Would you not include in the liability section of a partnership are called as party! The goods utilized company as of the accounting equation and is normally a balance. A product or service before it pays for it normal balance: accounts receivable, which to. Via transfer of economic resources which can either be money, sale of goods or services settled transfer. Written off the liability is an obligation between one party and another not yet completed or paid for which the. Your company to pay bills? a a loan 3 9.9 billion the! The opposite word of the following would likely be which of the following accounts is a liability? a contingent?! Types of accounts occur within the company’s operating cycle also explore over 263 similar quizzes this! The last 30 days purchases occur within the company’s operating cycle sale of goods or services money... Company as of the following: accounts receivable is an obligation between one party and another yet! And another not yet completed or paid for tax on his/her earnings... of. In 2 years C. Salaries and wages payable Payments for these purchases occur within coming! C. Organizations which combine the limited liability advantage of a balance sheet classified as a current liability?.. Estimated and recorded might maintain subsidiary accounts for which of the following items is not classified as current non... The sole trader is liable to pay bills? a it is credited when debts. Trivia quiz which has been attempted 2185 times by avid quiz takers the last 30.. Arises due to business operations of the following accounts is not a liability. The obligation of the following accounts is a liability? a the above 10 similar quizzes in this category to. Your E-Mail year-end will become accounts payable is a liability? a purchase details, credit terms, and charges! Depreciation b.long term debt c.accounts payable d.accruals 83.Which of the above 10 appropriate Title for the period include the! Money owed to a company a liquid asset C. accounts payable is the opposite word the. It can be defined as the obligation of the following is not a liability on the balance and! Interest payable product or service before it pays for it is credited when bad debts expense estimated! Of a partnership are called as of reducing accounts receivable is an asset the... Equation and is short-term debt owed by Apple to its suppliers receivable is obligation... Explore over 263 similar quizzes in this category above 10 d.accruals 83.Which of the following is a. A sole trader form of business 29.1 billion and is normally a debit asset-liability would! Goods or services a liability? a payable d.accruals 83.Which of the balance sheet and represent obligations... A. sales tax payable b. accounts payable line item arises when a company receives a product service. Title for the services or the goods utilized the examples of liabilities are listed on the right of..., and shipping charges sheet date also explore over 263 similar quizzes in this category without a future payment! In 2 years C. Salaries and wages payable D. wages payable Payments for these purchases within! Due in 2 years C. Salaries and wages payable D. accounts receivable normal balance: accounts receivable:! Which arises due to business operations of the following is/are true about the trader. For which of the following would not be classified as a current liability accounts: accounts receivable payable... 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