Liabilities of a Company Would Not Include

question 184

Multiple Choice

Liabilities of a company would not include

• A) notes payable.
• B) accounts payable.
• C) wages payable.
• D) cash.

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Definitions:

Personally Liable

The state of being legally responsible for something on a personal level, as opposed to through a corporate or collective entity.

Defective Corporation

A corporation whose incorporation process included an error or omission.

Corporate Status

A legal status that allows a company to operate as its own legal entity, separate from its owners.

Charitable Donations

Voluntary contributions made to nonprofit organizations or causes without expectation of receiving something in return.