Which of the Following Is Not Considered to Be a Liability

question 167

Multiple Choice

Which of the following is not considered to be a liability?

• A) Wages Payable
• B) Accounts Receivable
• C) Unearned Revenues
• D) Accounts Payable

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Definitions:

Resale Price

The price at which an item is sold after it has already been purchased from the original seller or manufacturer.

Contract Price

The price agreed upon by the contracting parties for the exchange of goods, services, or property as stipulated in their contract.

Punitive Nature

An aspect of legal judgments or actions intended to punish the wrongdoer, rather than simply to compensate for harm done.

UCC

Uniform Commercial Code, a standardized set of business and commercial laws that facilitate the fair conduct of transactions and dealings across state lines.