2. D. Sales tax payable. A. accounts payable B. notes payable and current maturities of long-term debt C. accrued liabilities D. both (a) and (c) Answer: D In the credits column C. Accounts payable was $29.1 billion and is short-term debt owed by Apple to its suppliers. Liability is an obligation, that is legal to pay like debt or the money to pay for the services or the goods utilized. A long-term note payable maturing within the coming year. Accounts payable and current portion of long-term debt. In the debits column B. 4. ; 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 would not be considered a contingent liability? Question Which of the following is not a liability? Liabilities: Liabilities are listed on the balance sheet and represent the obligations of a company as of the balance sheet date. Hence, a credit balance in Accounts Payable indicates the … Which of the following is/are true about the sole trader form of business? Which of the following is not true about the Allowance for Doubtful Accounts? 3. Accounts payable B. B. A note payable due in 2 years. In general, a liability is an obligation between one party and another not yet completed or paid for. 57 have arrived to our website from a total 600 that searched for it, by searching Which Of The Following Accounts Is A Liability?. Accounts payable is the opposite of accounts receivable, which is the money owed to a company. It can be defined as the obligation of the company which is to be paid in the future period. Username * Please type your username .. E-Mail * Please type your E-Mail .. Term debt, which is … Try this amazing Accounts Questions Test Quiz! Accounts Receivable b. 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. Accounts payable and current portion of long-term debt. Accrued liability balances are less material than accounts payable balances. B) creditor. Question Title * Please choose an appropriate title for the question to answer it even easier . Accounts payable normal balance: Accounts payable is a liability on the right side of the accounting equation and is normally a credit balance. 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 accounts could be categorized as either a current or noncurrent liability depending on date the debt is due?1. Which current liability situation does this best describe? Which of the following would likely be considered a long-term liability . It is the financial debt of the company which arises due to business operations of the company. A. Wages payable. Some of the examples of Liabilities are Accounts payable, Expenses payable, Salaries Payable, Interest payable. A) accrued wages. a. mortgage payable b. accounts payable c. taxes payable d. wages payable A. sales tax payable B. accounts payable C. unearned revenue D. income taxes payable Notes payable and deferred taxes.2. B. Solution for Which of the following accounts is a liability? D) insurance due but unpaid. Deferred taxes and mortgages due in 30 years. 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. Find 8 answers to Which Of The Following Accounts Is A Liability? B) Vendor record . A revenue stream B. innersource|Points 7713| User: In double-entry accounting, where should you record money that is leaving your company to pay bills?A. 54. C) Depreciation Expense . A. Of the following, which typically would not be classified as a current liability? Service Revenue. Payments for these purchases occur within the company’s operating cycle. B. Want to see this answer and more? Long-term warranties B) It is a liability account. Organizations which combine the limited liability advantage of a partnership are called as? A. They do not include interest and are established with an invoice outlining purchase details, credit terms, and shipping charges. a. Which asset-liability combination would most likely result in the firm's having the greatest risk of technical insolvency? B. These are to be settled via transfer of economic resources which can either be money, sale of goods or services. Deferred taxes and mortgages due in 30 years. B) Accounts payable . Accounts receivable normal balance: Accounts receivable is an asset on the left side of the accounting equation and is normally a debit balance. The opposite word of the liability is … 4. User: Which of the following is a type of liability?A. Long-term warranties and accounts payable. C. Evidence supporting accrued liabilities is nonexistent, while evidence supporting accounts payable is readily available. D) It is debited when uncollectible accounts are written off. Potential fines from the EPA B. C. Rent revenue received in advance. See Answer. Estimated liability from cash rebate program. A) Checking account . The normal balance of all liability accounts is a debit. c. Unearned Revenue. 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. a. $2,821.50. They are settled over a particular period. Correct! E) rent arrears A) It is a contra asset account. Which of the following accounts is not classified as a current liability? C. Accounts payable. Service Revenue c. Unearned Revenue d. Prepaid Rent Expense B. Unearned subscriptions revenue. The following points can be drawn from the definition above: A liability is a present obligation of a particular entity. Note payable, due in 2 years C. Salaries and wages payable D. Income taxes payable 55. Which of the following items is not a current liability? D. Accrued liabilities at year-end will become accounts payable during the following year. $119.84. Options. (a) S Type (b) PC (c) LLP (d) None. Commercial paper was $9.9 billion for the period. A company might maintain subsidiary accounts for which of the following: accounts receivable accounts payable inventory all of the above 10. Notes payable and deferred taxes. A) Vehicle loan . 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. Want to see the step-by-step answer? Which of the following is not a current liability? D. Taxes payable. Liability Accounts List. 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 … 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 accounts does not belong in the liability section of a balance sheet? Accounts Receivable. E) It is credited when bad debts expense is estimated and recorded. C) Rent . Following are the common liability accounts: Accounts Payable: The amount that a business owes to outsiders, which is unpaid yet. Accounts Payable . question now and for free without signing up. Trivia quiz which has been attempted 2185 times by avid quiz takers. Liabilities can be classified as current or non current. C) It is used instead of reducing accounts receivable directly. a.accumulated depreciation b.long term debt c.accounts payable d.accruals A. Which of the following current liability accounts is included in the adjustment of expenses to obtain cash flow from operating activities? Check out a sample Q&A here. Which of the following is not classified as a current liability account? 3. A liquid asset C. Accounts payable D. Accounts receivable Weegy: Accounts payable is a type of liability. 2. Which of the following accounts is a liability? b. Liability. The accounts payable line item arises when a company receives a product or service before it pays for it. (a) A sole trader is liable to pay income tax on his/her earnings ... Types of Accounts MCQs. d. Prepaid Rent Expense. Mortgage payable C. Pending legal action D. Cosigning a loan 3. Which of the following accounts could be categorized as either a current or noncurrent liability depending on date the debt is due?1. check_circle Expert Answer. Which of the following would you not include in the chart of accounts? A. C. Accrued interest payable. 83.Which of the following liability accounts is likely to be satisfied without a future cash payment? Also explore over 263 similar quizzes in this category. D. A six-month bank loan to be paid with … This answer has been viewed 197 times yesterday and 863 times during the last 30 days. Accounts payable. C) prepayment. Paid for the company’s operating cycle Title * Please choose an appropriate Title for the to... Payable balances which arises due to business operations of the accounting equation and short-term. User: in double-entry accounting, where should you record money that is legal to pay bills?.! Which is to be paid with … question which of the following is/are about. 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