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.

See similar textbooks

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
Which of the following accounts should normally be classified as a current liability? Multiple Choice Dividends declared Deferred revenue Wages expense Accumulated depreciation
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?
Which of the following accounts is considered a permanent or real account?A. Interest RevenueB. Prepaid InsuranceC. Insurance ExpenseD. Supplies Expense
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
How is the account Unearned Fees classified and what kind of balance should it have? Group of answer choices current liability, debit current liability, credit revenue, credit revenue, debit
Accounts with normal credit balances include Question 13 options: Assets and liabilities Revenues and expenses Liabilities and revenues Revenues and assets

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

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