menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Introduction to Financial Accounting
  4. Exam
    Exam 1: Accounting: the Language of Business
  5. Question
    Which of the Following Describes a Liability
Solved

Which of the Following Describes a Liability

Question 20

Question 20

Multiple Choice

Which of the following describes a liability?


A) Future economic benefit
B) Economic obligations to creditors
C) Paid-in capital
D) Investment by owners
E) Present value of customer future payments

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q15: An audit is an examination of transactions

Q16: Buying on credit creates an account receivable.

Q17: Nonprofit organizations do not need to analyze

Q18: The AICPA Code of Professional Ethics is

Q19: Zeus Greek Foods purchased a $21,000 van

Q21: Match each of the following terms with

Q22: Income taxes owed to the federal government

Q23: To ensure proper application of a CPA's

Q24: The American Institute of Certified Public Accountants

Q25: Owners' equity is the residual interest in

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines