Asked by Vonda Simpson on Jun 07, 2024
Verified
Liabilities of a company would not include
A) notes payable.
B) accounts payable.
C) salaries and wages payable.
D) cash.
Liabilities
Financial obligations or debts owed by a business to another entity, payable in money, goods, or services.
Notes Payable
Refers to promissory notes a company issues, promising to pay a specific amount of money at a future date.
Salaries
Regular payments made to employees for their services, often expressed as an annual amount but payable in smaller increments such as monthly or biweekly.
- Identify the various types of corporate liabilities.
Verified Answer
LL
Laurin LeStrangeJun 13, 2024
Final Answer :
D
Explanation :
Liabilities refer to the debts or obligations of a company, which they owe to others. Notes payable, accounts payable, and salaries and wages payable are all examples of liabilities as they represent amounts owed by the company to its creditors or employees. However, cash is not a liability as it represents the amount of money a company currently possesses and is considered an asset.
Learning Objectives
- Identify the various types of corporate liabilities.