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.