Which of the Following Accounts Is NOT a Liability

question 12

Multiple Choice

Which of the following accounts is NOT a liability?

• A) Accounts Payable
• B) Salaries Payable
• C) Unearned Rent
• D) All of the above answers are liabilities.

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Definitions:

Property Rights

The legal rights to use, control, and benefit from resources, assets, or property.

Conservation

The sustainable management and use of natural resources to prevent depletion and harm to the environment.

Extraction Quantity

The volume or amount of natural resources, such as minerals, oil, or gas, that is removed from the earth or harvested.

Future Profits

Future profits represent the anticipated earnings or financial gains a business expects to achieve in the coming periods.