All of the Following Are Examples of Current Liabilities, EXCEPT

question 30

Multiple Choice

All of the following are examples of current liabilities, EXCEPT for

• A) accrued expenses.
• B) unearned revenues.
• C) interest payable.
• D) prepaid expenses.

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Definitions:

Leases

Contracts in which one party, the lessor, grants the other party, the lessee, the right to use a property, vehicle, or other asset for a specific period in exchange for payment.

Title

A legal term referring to the rightful ownership of property, including rights of possession, use, and transfer.

Identified

Recognized or distinguished as being a particular entity or belonging to a specific category or group.

Contract

An agreement between two or more parties that is binding by law and involves reciprocal obligations.