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.

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Definitions:

Strike

A work stoppage caused by the mass refusal of employees to work, usually in protest against employment terms, working conditions, or other aspects of their contracts.