Identify the Account Below That Is Classified as a Liability

question 188

Multiple Choice

Identify the account below that is classified as a liability account:

• A)Cash
• B)Accounts Payable
• C)Salaries Expense
• D)J.Jackson,Capital
• E)Equipment

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Definitions:

Dishonored

Refers to a failure in fulfilling an obligation, such as a check not being paid because of insufficient funds.

Draft

A preliminary version of a document or plan, subject to revisions and improvements.

Blank Indorsement

An indorsement made by a signature alone, with no particular indorsee, written on a negotiable instrument.

Warranties by Indorsers

Guarantees made by indorsers about the validity and enforceability of negotiable instruments.