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

---

Definitions:

Demand Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good.

Collusion

A secret or illegal agreement or cooperation between parties to limit competition and manipulate prices or market conditions in their favor.

Allocative Efficiency

Refers to a situation in which the resources in an economy are distributed according to consumer preferences, ensuring that goods are produced in the quantities exactly matching consumer desires.

Unit Costs

Unit costs refer to the cost incurred to produce, store, or acquire one unit of a product or service.