Which of the Following Is NOT True About Liabilities

question 63

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 will affect the amount of liabilities.
• D) Examples of liabilities include notes payable, contributed capital and income tax payable. Contributed capital is part of stockholders' equity and is not a liability.

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Definitions:

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