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... 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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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