Which of the Following Is Not True About Liabilities

question 92

Multiple Choice

Which of the following is not true about liabilities?

• A)Liabilities are amounts owed by a business.
• B)Liability accounts have a normal credit balance.
• C)Financing activities may affect the amount of liabilities.
• D)Examples of liabilities include notes payable,contributed capital and income tax payable.

Identify the role of descriptive and inferential statistics in summarizing and interpreting data.

Identify appropriate chart types for displaying various datasets.

Understand the use of logical functions in Microsoft Excel.

Recognize the characteristics and applications of specific chart types in Excel.

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Definitions:

Angle Iron Brackets

Metal brackets made of angle iron, a piece of iron or steel formed with a 90-degree bend, used to support or strengthen structures.

5th Wheel

A coupling device used primarily in semi-trucks to attach a trailer, characterized by a large pivoting plate.

Upper Coupler Assembly

The component at the front of a semi-trailer that hooks onto the hitch of a truck tractor, providing a connection point.

SAE Grade 8

A classification for high-strength bolts according to the Society of Automotive Engineers, indicating a high level of tensile strength.