Which of the Following Is a Liability Account

C is a liability because the provision represents your amount of obligation for taxes for income earned. Be accrued during the period when the compensated time is expected to be used by employees.

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Under liability one has to look out for ones own obligations.

. They dont offer better tax benefits. 50 Which of the following is a liability account. Creditors means the persons to whom business owes money.

So it is a liability of business towards creditors to pay them in future so it comes under current liabilities in. View Quiz 8pdf from FAR 555 at New Era University. Score 1alfred123Points 128942 Log in for more information.

Which of the following is a liability. Which of the following limitations of accounting states that accounts may be manipulated to conceal vital facts. Accounting Mcqs for Preparation of various Test announced by Fpsc kppsc Nts ppsc.

Which of the following accounts is a liability. Current Liability Accounts due in less than one year. A number of examples of liability accounts are presented in the following list which is split into current and long-term liabilities.

Credit card balance is a liability. C Accounting ignores price level changes. Creditors are a liability.

B is liability because unearned rent represents rentals received in advance and not yet earned. The left side of an account is used to record which of the following. A liability for compensated absences such as vacatons for which it is expected that employees will be paid should a.

This is an obligation to repay certain amounts of money. Accounting mcqs for accountant. Investment vehicle it has failed to capture the imagination of the retail investors in India because of which of the following reasons.

A Accounts Payable B Salaries Payable C Unearned Rent D All of the above answers are liabilities. Correct option is A Any amount taken as loan from a third party is a liability for the business and to be shown in the liability side of the balance sheet. Amounts owed to suppliers for goods and services received on credit.

A liability is recorded in the general ledger in a liability-type account that has a natural credit balance. Creditors means the persons to whom business owes money. AAccounts receivable bCash cBuilding dNotes payable.

Business Accounting QA Library Consider the following situations and determine 1 which type of liability should be recognized specific account and 2 how much should be recognized in the current period year. Credit card balance c. Accounting entry for loan from Mr.

Y will be as under. D Accounting ignores qualitative elements. So it is a liability of business towards creditors to pay them in future so it comes under current liabilities in balance sheet.

Asked 9182020 63801 AM. Creditors are a liability. To Loan from Mr.

Which of the following is a liability account. Who are the experts. All firms have obligations and liabilities related to both their.

This means that entries created on the left side debit entries of a liability T-account decrease the liability account balance while journal entries created on the right side credit entries increase the account balance. We review their content and use your feedback to keep the quality high. Question 20 - TrueFalse ID.

Regulatory jurisdictional fight between SEBI and IRDA. Which of the following is an asset account. 100 4 ratings Transcribed image text.

Savings account Please select the best answer from - 11410878. Amounts owed for wages interest taxes and amounts incurred but not yet. Asked May 16 2016 in Business by CurryManiac.

Which of the following is a liability. A trial balance will usually report total debits that are not equal to total credits. Which account is not a liability account a Accounts payable b Cash c Accrued expense d Notes payable.

A Unearned Revenue C Service Revenue B Accounts Receivable D Building. Liability accounts have a credit balance. A liability account is a general ledger account in which a company records the following which resulted from business transactions.

A accounts receivable B service revenue C unearned revenue D prepaid rent expense Unearned revenue is a liability. Experts are tested by Chegg as specialists in their subject area. Debit refers to the right side of the T-account and credit refers to the left side.

Creditors are the persons to whom the money is payable by the business in future. Which of the following is a liability account. Debit or credit depending.

Which of the following is a liability. AWages payable bNotes payable cUnearned revenue dAccounts receivable. A business depreciates a building with a book value of 12000 using straight-line depreciation no salvage value and a remaining useful life of six years.

Correct option is B Goods purchased on credit generates creditors in the books of account. B Accounting may lead to window dressing. Which of the following accounts is NOT a liability.

Credit card balance c. Sundry creditors are considered current liability. Be accrued during the period when earned.

While not yet earned they are considered liabilities because you have the obligation to allow himher to use the facility rented. Be accrued during the period following vesting. These Mcqs are very helpful for the Preparation of various posts of Senior Auditor Junior Auditor Accountant and for Cost Accountant.

A Accounting is not fully exact. Principal amounts owed to banks and other lenders for borrowed funds. Creditors are the persons to whom the money is payable by the business in future.

Which of the following accounts is a liability. Question 19 - TrueFalse ID.

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