Multiple Choice
Which of the following statements is not true about liabilities?
A) Liabilities are debts owed to outsiders.
B) Account titles of liabilities often include the term "payable".
C) Cash received before services are performed are considered to be liabilities.
D) Liabilities do not include wages owed to employees of the company.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Total dollar amount of the debits equal
Q3: Expenses can result from:<br>A) increasing owner's equity.<br>B)
Q5: An account has three parts to it;
Q7: On September 1st, Erika Company purchased land
Q9: On January 1, 2010, Cary Parsons established
Q10: Which of the following will increase owner's
Q11: Exhibit 2-1<br>All nine transactions for Ralston Sports
Q17: Which are the parts of the T
Q85: Revenue accounts are increased by credits.
Q217: Liabilities are debts owed by the business