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