The following are all Liability Accounts except: A. Taxes Payable, Withholding Payables, B. Salary Payable, Benefits Payable, Salary Expense C. Taxes Payable, Benefits Payable, Withholding Payable D. Both a and c contain accounts that are not Liability Accounts

Q: Which of the following is not included in the MHE, or PITI, payment? O Principal O Points O Interest…

A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…

Q: 1. All of the following are examples of legal liabilities, except for a. notes payable b. sales…

A: A. NOTES PAYABLE (ARISE OUT OF A CONTRACT) B. SALES TAX PAYABLE (IMPOSED BY GOVERNMENT) D. PROPERTY…

Q: Which of the following would not overstate current-period net income?a. Capitalizing an expenditure…

A: Net income: Net income refers to the income earned by the company after providing for all the…

Q: The payment of a liability

A: The liability is the amount due to be paid by the business to its creditors.

Q: _______________________ accounts is a liability

A: Accounts receivables are the items acquired on credit from vendors that have not yet been paid for.…

Q: Life insurance premiums shall be reported as a deductible expense for financial reporting purposes…

A: The outlay which is an ordinary outlay and helps in the normal revenue generation of the business is…

Q: Which of the following items is an example of general unsecured creditors? Group of answer choices…

A: The unsecured creditors are the one who do not have any right over the assets of the business in…

Q: Which of the following is most likely to be reported as an accrued liability? Multiple Choice…

A: Accrued liability is a sort of obligation of an entity that the entity has not paid yet. In other…

Q: The owner's contributions and withdrawals are reported on the income statement. True. False.

A: The income statement is a part of the financial statement. It includes all the revenue and expenses.…

Q: A) Which of the following would not be included as a current liability? (Land loan, Land loan…

A: Current liability is a short term obligation that is typically due within one year or payable in…

Q: Statement 1: Life insurance premiums shall be reported as a deductible expense for financial…

A: Tax is the liability that person owes to the government.

Q: Which of the following is an amount for products or services purchased on account? A)accounts…

A: Account payable is the account related to products or services purchased on account. Unearned…

Q: Which of the following is not an accrued liability?   Question 36 options:   A)  Warranty…

A: Accrued liabilities are costs that a business has incurred but not yet paid for. Interest…

Q: Which of the following is the account where the increases are recorded to the receivable side and…

A: Company sell products on credit and these selling create customers on credit so these are to be…

Q: Which of the following liabilities is created when a company receives cash for services to be…

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: .Account titles of liabilities often include the term “payable.” b.Liabilities are debts owed to…

A: Liabilities-: A liability is the sum of the amount or a thing that a person or corporation owes,…

Q: When a liability is paid, which account should be credited? A, Cash B.Accounts payable

A: Cash (money or coins) is legal tender that may be used to exchange products, debts, or services. It…

Q: The account, Discount on Notes Payable, is a a.contra-asset. b.deferred charge. c.liability.…

A: Discount on notes payable -  It is the amount payable by the concerned investor is less than the…

Q: How are anticipated administrative expenses reported on a statement of financial affairs?a. As a…

A: The administrative expenses are incurred in the day-to-day operations of the company. These are…

Q: Unearned revenues are a. Earned and recorded as liabilities before they are received. O b. Earned…

A: 12. Unearned revenue is the revenue that is received by the company but not yet earned by the…

Q: What kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd.…

A: The correct option is option “a”. Unearned revenue is not classified as an asset, owners' equity,…

Q: On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term…

A: Wages payable: Wages company should pay them to employees but not paid by the company.

Q: Income taxes payable is an example of an accrued liability. a. True b. False

A: The liabilities are the amount due to paid by the business in future period. The current liabilities…

Q: Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D.…

A: Accounts payable are short term obligation which should be paid to the vendors or suppliers for the…

Q: Which of the following statements is false? Group of answer choices A.Prepaid expenses are fully…

A: Prepaid expenses are expenses which are paid in advance but accrued in the business after an…

Q: 17-Which of the following is a contra-liability account? a. Accumulated Amortization b. Taxes…

A: Conntra liability account are those liabilities where the balance is debit balance.

Q: Money received from customers for products to be delivered in the future is recorded as: C . revenue…

A: Cash received from the customers will be considered as an asset. Whereas a liability will be created…

Q: Which of the following is a liability created when a company receives cash for services to be…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: An accrued expense can best be described as an amount Paid and currently matched with earnings…

A: Solution Concept Accrued expense Accrued expense means the expense that has already been incurred…

Q: How are the linked accounts for CPP different from the linked accounts for income tax - O a. CPP has…

A: Answer (c). CPP has both linked liability and expanse accounts, income tax has a liability account…

Q: Deferred expenses should be reported as O Expenses on the income statement O Income on the income…

A: Deferred expenses : It refers to the cost incurred but this is recorded as expenses on a future…

Q: What is salaries payable an equity, revenue, expense account, liability or expense?

A: Balance Sheet - Balance Sheet is combination of assets, liabilities and equity. It is prepared at…

Q: An expense represents a liability a cost of doing business none of the above a withdrawal

A: Liability represents the amount which will be paid by the entity in future as a result of present or…

Q: Which if the following is not an inclusion in gross income?

A: Gross income is an income from all sources including returns , discounts and…

Q: Which of the following accounts is a liability? Accounts Receivable Service Revenue Unearned…

A: Accounts receivables is the amount of money not yet paid by the customers on the goods purchased…

Q: 5- Which one of the following is a special type of liability? a. Deferred income taxes b. Salaries…

A: Liabilities refer to the obligation to pay those people from whom the company has borrowed the cash…

Q: Choose the correct. How are anticipated administrative expenses reported on a statement of financial…

A: Statement of financial affairs:   Statement of financial affairs refers to a statement of assets and…

Q: What is the difference between: Salaries and wages expense on the income statement And Salaries and…

A: The income statement and balance sheet are the financial statements of the business.

Q: Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An…

A: The correct answer is  d. An asset

Q: In the following liabilities, the payee is known, however, the amount may have to be estimated.…

A: provision should be created for all the certain liabilities

Q: Bad debt expense is normally reported on the income statement as a(n) a. Operating expense b.…

A: An expense that is recognized as a receivable is no longer collectable is known as a bad debt…

Q: Accrued taxes payable are generally reported on the balance sheet as a current liability. True…

A: WHAT ARE ACCRUED TAXES PAYABLE : ACCRUED TAXES PAYABLE ARE THE TAXES WHICH ARE ASSESSED…

Q: Which of the following accounts is a liability? a. Accounts Receivable b. Service Revenue c.…

A: Liability refers to state of being liable or taking legal possession of something.

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.