Which Of The Following Is A Liability Account?A.Prepaid...

Which of the following is least likely to be considered a role of financial statement analysis? Alpha Company reported the following financial statement information: December 31, 2006: Assets $70,000 Liabilities 45,000 December 31, 2007: Assets 82,000 Liabilities 55,000 During 2007: Stockholder...Which of the following is a liability? Motor Vehicles Machinery Creditors for goods Cash at Bank. Carriage outwards goes in the profit and loss account It is an expense connected with buying goods It is not part of motor expenses.In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets...Part 1: Accounting Theory: An Overview. Part 2: Accounting Information: Section 1a, Financial Accounting. This activity contains 17 questions. In which year was the Limited Liability Act passed? 1494. 1855. 1844. 1948. Which of the following balance sheet equations is wrong?Home. Accounting Mcqs. Which of the following is a liability? Principles of Accounting, Accounting Equation, Analyzing & Classifying Transaction, Journal, Ledger, Banking Transactions, Cash book and Bank Reconciliation Statement, Bill of Exchange, Capital & Revenue, Rectification of...

100 Solved MCQs of Financial Accounting | Debits And Credits

For each the following accounts, indicate (a) if the account is an asset, liability, or owner s equity account; and (b) whether the account would have a normal debit or credit balance. 1. Accounts Receivable 2. Accounts Payable 3. Equipment 7....Current liabilities are used by analysts, accountants, and investors to gauge how well a company can meet its short-term financial obligations. Accounts payable (AP) is a company's short-term debt obligations to its creditors and suppliers. It appears on the balance sheet under the current liabilities.Examples of liabilities include accounts payable. Accounts payable becomes present when a company acquires goods or services through credit Aside from accounts payable, other examples of liabilities are interest payable, loans payable, wages payable, etc. Here is how liabilities and assets...1 - A current liability is an obligation that will be discharged within the year. All of these meet that definition, so the answer is D. 2 - I would guess D on this one as well. This assumes that the firm does not have a restricted asset that will be used to retire the notes payable. In practice, I have never seen...

Liability (financial accounting) - Wikipedia

Liabilities are legal obligations or debtSenior and Subordinated DebtIn order to understand senior and subordinated debt, we must first review the capital Defined by the International Financial Reporting Standards (IFRS) Framework: "A liability is a present obligation of the enterprise arising from past...Current liabilities are the obligations of the company which are expected to get paid within the period of This article is a guide to what is Current Liabilities and its definition. Here we provide the list of current You may also have a look at these following recommended articles on accounting basics -.Liability - Accounting Definition In a business scenario, a liability is an In a business scenario, a liability is an obligation payable to a third party. It may or may not be a legal obligation If all other sites open fine, then please contact the administrator of this website with the following information.Liabilities are legal obligations payable to a third party. A liability is recorded in the general ledger , in a liability-type account that has a natural credit balance. A number of examples of liability accounts are presented in the following list, which is split into current and long-term l.A maintain ledger accounts for every asset and liability. B provide financial information to users of such information. Chapter 6: Accruals and prepayments. (21). The electricity account for the year ended 30 April 2005 was as follows: Which of the following is the appropriate entry for electricity?

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