Which of the Following Statements Is Not True About Liabilities

question 62

Multiple Choice

Which of the following statements is not true about liabilities?

• A) Liabilities are debts owed to outsiders.
• B) Account titles of liabilities often include the term "payable."
• C) Cash received before a service is performed creates a liability.
• D) Liabilities do not include wages owed to employees of the company.

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Definitions:

Person-centered Therapy

A therapeutic approach focusing on creating a nonjudgmental, empathetic environment to facilitate a client's self-discovery and growth.

Code of Ethics

A set of principles and rules intended to guide the behavior and decision-making of professionals and organizations.

Consumer Reports

A non-profit organization that provides unbiased product ratings and reviews to help consumers make informed purchasing decisions.

Psychotherapy

A therapeutic treatment primarily involving talking, aimed at addressing mental health issues and improving wellbeing.