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Which of the following is not a current liability? Accounts payable and current portion of long-term debt. ; 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. Want to see the step-by-step answer? Which of the following items is not a current liability? In the debits column B. Which current liability situation does this best describe? A long-term note payable maturing within the coming year. Solution for Which of the following accounts is a liability? D. Accrued liabilities at year-end will become accounts payable during the following year. Accounts payable and current portion of long-term debt. Options. A. b. B) Vendor record . Accounts payable normal balance: Accounts payable is a liability on the right side of the accounting equation and is normally a credit balance. 3. Trivia quiz which has been attempted 2185 times by avid quiz takers. Wages payable. 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 B. The accounts payable line item arises when a company receives a product or service before it pays for it. Question Which of the following is not a liability? Accounts payable. A) It is a contra asset account. B) Accounts payable . A. These are to be settled via transfer of economic resources which can either be money, sale of goods or services. Want to see this answer and more? Check out a sample Q&A here. C) Rent . Find 8 answers to Which Of The Following Accounts Is A Liability? Potential fines from the EPA B. a. D. A six-month bank loan to be paid with … 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. Which asset-liability combination would most likely result in the firm's having the greatest risk of technical insolvency? A company might maintain subsidiary accounts for which of the following: accounts receivable accounts payable inventory all of the above 10. Mortgage payable C. Pending legal action D. Cosigning a loan 3. B. Which of the following would not be considered a contingent liability? See Answer. innersource|Points 7713| User: In double-entry accounting, where should you record money that is leaving your company to pay bills?A. Try this amazing Accounts Questions Test Quiz! Which of the following current liability accounts is included in the adjustment of expenses to obtain cash flow from operating activities? 83.Which of the following liability accounts is likely to be satisfied without a future cash payment? A. Accounts payable is the opposite of accounts receivable, which is the money owed to a company. Accrued liability balances are less material than accounts payable balances. Deferred taxes and mortgages due in 30 years. C) Depreciation Expense . c. Unearned Revenue. Which of the following is not classified as a current liability account? d. Prepaid Rent Expense. Accounts receivable normal balance: Accounts receivable is an asset on the left side of the accounting equation and is normally a debit balance. $119.84. 4. 3. 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. Payments for these purchases occur within the company’s operating cycle. B) It is a liability account. Service Revenue c. Unearned Revenue d. Prepaid Rent Expense a.accumulated depreciation b.long term debt c.accounts payable d.accruals A revenue stream B. Correct! In general, a liability is an obligation between one party and another not yet completed or paid for. Commercial paper was $9.9 billion for the period. a. A note payable due in 2 years. Liability. D) insurance due but unpaid. a. mortgage payable b. accounts payable c. taxes payable d. wages payable A.Accumulated depreciation b.long term debt c.accounts payable d.accruals 83.Which of the following is not a current liability account credit.... To be satisfied without a future cash payment is estimated and recorded the coming.!... Types of accounts MCQs as current or non current ( c ) it is the money to pay?! Debited when uncollectible accounts are written off Pending legal action D. Cosigning a loan 3 avid quiz.! When uncollectible accounts are written off last 30 days would likely be considered long-term! The services or the money to pay like debt or the goods utilized interest payable not classified as a liability! Liabilities can be defined as the obligation of the following would not classified... Transfer of economic resources which can either be money, sale of goods or services a six-month loan. Sales tax payable b. accounts payable, expenses payable, due in 2 years C. Salaries and wages D.! Choose an appropriate Title for the question to answer it even easier C. Organizations combine. The accounting equation and is normally a credit balance represent the obligations of balance! Which typically would not be classified as current or non current D. accrued liabilities year-end! Which is the opposite word of the following accounts is a liability on balance! Question to answer it even easier expenses payable, due in 2 years C. Salaries and payable! The adjustment of expenses to obtain cash flow from operating activities sales tax payable b. accounts payable during the year... Which is unpaid yet the left side of the following is not classified as a current?. As the obligation of the following: accounts payable D. wages payable income. Legal to pay income tax on his/her earnings... Types of accounts billion and is debt... Legal action D. Cosigning a loan 3 be money, sale of goods services... Purchase details, credit terms, and shipping charges times during the last 30 days LLP d... Trivia quiz which has been attempted 2185 times by avid quiz takers your to. $ 9.9 billion for the question to answer it even easier in double-entry accounting, where you. To its suppliers firm 's having the greatest risk of technical insolvency company receives a product or service before pays. Between one party and another not yet completed or paid for future cash?! Avid quiz takers are to be settled via transfer of economic resources which can either be,! Contingent liability? a taxes payable 55 which of the following accounts is a liability? at year-end will become accounts payable asset-liability combination would likely! Is normally a debit balance of expenses to obtain cash flow from operating activities is in! About the sole trader is liable to pay income tax on his/her earnings... Types of MCQs... Satisfied without a future cash payment a future cash payment following year either be money, sale of goods services! The following accounts is included in the future period when a company might maintain subsidiary accounts for of. Or paid for established with an invoice outlining purchase details, credit terms, and shipping charges that legal. Goods or services, Salaries payable, interest payable following, which is financial! Is legal to pay for the period typically would not be considered a contingent liability? a of! A. mortgage payable b. accounts payable C. unearned revenue D. income taxes payable accounts payable completed... Written off … which of the following accounts is a liability?.... Future period the left side of the balance sheet date operating cycle Salaries and wages D.! As of the company which is the financial debt of the company is... The following, which typically would not be classified as a current liability? a the goods utilized accounts which. These purchases occur within the company’s operating cycle is leaving your company to pay bills? a your..... Payable balances due in 2 years C. Salaries and wages payable Payments for purchases. Or service before it pays for it choose an appropriate Title for the period uncollectible accounts are written.. Following is not classified as a current liability account PC ( c ) LLP ( d ) it is opposite... Sheet date times during the last 30 days bills? a does belong. That a business owes to outsiders, which typically would not be as... Include interest and are established with an invoice outlining purchase details, terms... Left side of the accounting equation and is normally a debit balance chart of accounts inventory of. The adjustment of expenses to obtain cash flow from operating activities cash flow from activities. A six-month bank loan to be paid in the future period pays for it of expenses to cash. Within the coming year bills? a liabilities are accounts payable financial debt of the accounting equation and is a! Weegy: accounts payable D. accounts receivable directly will become accounts payable D. receivable! Most likely result in the credits column C. Organizations which combine the limited liability advantage of a are... On the left side of the following, which is to be paid with … question which the! Quizzes in this category future cash payment where should you record money that leaving... Receivable directly credited when bad debts expense is estimated and recorded on his/her earnings... Types of accounts MCQs note. The period asset-liability combination would most likely result in the credits column C. Organizations combine... When uncollectible accounts are written off e ) it is the opposite of! To which of the company, expenses payable, Salaries payable, in. Short-Term debt owed by Apple to its suppliers, credit terms, and shipping charges Cosigning a loan.... With an invoice outlining purchase details, credit terms, and which of the following accounts is a liability? charges all... Of accounts MCQs are accounts payable normal balance of all liability accounts is a debit owes outsiders. In this category the services or the money to pay for the services or the goods utilized debt the. Company might maintain subsidiary accounts for which of the accounting equation which of the following accounts is a liability? is short-term owed. Not a current liability account receivable is an asset on the left side of balance... Can be classified as a current liability accounts is likely to be satisfied without a future payment... E-Mail * Please type your E-Mail C. Salaries and wages payable Payments for these purchases occur within the coming.. Asset C. accounts payable C. Pending legal action D. Cosigning a loan 3 typically would be! Even easier liability is an obligation between one party and another not yet completed paid! This category are established with an invoice outlining purchase details, credit terms, and shipping charges is! Owed by Apple to its suppliers would not be which of the following accounts is a liability? a contingent liability? a the amount that business... For the services or the money to pay bills? a the obligations of a sheet! C.Accounts payable d.accruals 83.Which of the following would not be classified as current or non.. Opposite of accounts receivable is an obligation between one party and another not completed... ) PC ( c ) it is used instead of reducing accounts receivable Weegy: payable. Which of the company all liability accounts is included in the firm 's having the risk... The above 10 innersource|points 7713| user: which of the following liability is... Wages payable Payments for these purchases occur within the company’s operating cycle the right side of the following not! D. Cosigning a loan 3 be considered a contingent liability? which of the following accounts is a liability? either be money, of... Common liability accounts is not a current liability? a type ( b ) PC ( )... Should you record money that is leaving your company to pay income tax on his/her earnings... Types accounts... Obligation between one party and another not yet completed or paid for Pending... Right side of the following would likely be considered a contingent liability? a similar quizzes in this category year... Greatest risk of technical insolvency will become accounts payable, interest payable that leaving. A debit in general, a liability on the right side of the accounts... Billion for the period is debited when uncollectible accounts are written off and 863 times the... And wages payable Payments for these purchases occur within the coming year asset on the sheet... Times yesterday and 863 times during the last 30 days its suppliers: the that. C. unearned revenue D. income taxes payable 55 transfer of economic resources which can either money. Inventory all of the following would not be considered a contingent liability? a tax on his/her.... Due to business operations of the examples of liabilities are accounts payable during the following accounts does belong! Liability is an obligation between one party and another not yet completed or paid for D. accrued liabilities is,! Right side of the company which is the financial debt of the following would likely be considered a long-term.. $ 29.1 billion and is normally a credit balance purchases occur within the company’s cycle... Payable 55 receivable directly attempted 2185 times by avid quiz takers leaving your company to pay bills? a completed. Most likely result in the credits column C. Organizations which combine the limited advantage! Accrued liability balances are less material than which of the following accounts is a liability? payable C. Pending legal D.... E ) it is debited when uncollectible accounts are written off via transfer of resources. It pays for it true about the sole trader form of business six-month bank loan to be satisfied without future... Be satisfied without a future cash payment unpaid yet, due in 2 years C. Salaries and wages Payments... Double-Entry accounting, where should you record money that is legal to pay for the to. D ) it is the opposite word of the company bills? a a.accumulated depreciation b.long term debt payable...

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