Identify the account below that is classified as a liability account:Multiple ChoiceCashAccounts PayableSalaries ExpenseоServices Revenue

The account classified as a liability account is accounts payable. Since it is money owed to…

Answered: Identify the account below that is…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2Q: Describe the expense recognition principle (matching principle). Give specifics.

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Similar questions

describe general principles of expense recognition, specifi c expense recognition applications, and implications of expense recognition choices for fi nancial analysis
Which of the following represents amounts owed for goods, supplies, or services purchased? Group of answer choices customer-related payable accounts payable liability for compensated absences bonds payable
Distinguish between a current liability, such as accounts payable, and a provision.
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Which document typically triggers the process of recording a liability? a. purchase requisition b. purchase order c. receiving report d. supplier’s invoice
The practice of recording advance payments from customers as a liability is an example of applying the O Going concern assumption. O Monetary unit assumption. O Historical cost principle. Revenue recognition principle.
Knowledge Check 01 Which of the following describes the criteria that must be met for a contingent liability to be reported as a liability on the balance sheet?
Multiple Choice It is a liability account.
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The payment of a liability _____.
Briefly explain off-balance-sheet assets and off-balance-sheet liabilities with an appropriate non-market related OBS liability example.
How is the account Accounts Payable classified and what kind of balance should it have? Group of answer choices current liability, debit current liability, credit revenue, debit revenue, credit

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Identify the account below that is classified as a liability account: Multiple Choice Cash Accounts Payable Salaries Expense о Services Revenue