Asked by Justice Kay-Lease on Jun 26, 2024
Verified
Current liabilities include accounts receivable,unearned revenues,and salaries payable.
Current Liabilities
Obligations or debts that a company is expected to pay within a year, such as accounts payable, short-term loans, and accrued expenses.
Accounts Receivable
The sum customers owe a business for the supply of goods and services that payment has not yet been made for.
Unearned Revenues
Revenue a company earns for products or services that have not yet been provided or completed.
- Identify the significance of current assets and liabilities, along with their reporting methods.
Verified Answer
ZK
Zybrea KnightJul 02, 2024
Final Answer :
False
Explanation :
Current liabilities include unearned revenues and salaries payable, but not accounts receivable, which is considered a current asset.
Learning Objectives
- Identify the significance of current assets and liabilities, along with their reporting methods.