Which of the Following Is a Liability

question 2

Multiple Choice

Which of the following is a liability?

• A) Accrued revenue
• B) Accumulated depreciation
• C) Allowance for doubtful debts
• D) Unearned revenue

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Definitions:

Obligations

Legal or moral duties that require an individual or entity to act or refrain from acting in a certain manner.

Party

An entity or individual that participates in a legal agreement or is engaged in a lawsuit.

Substituted Contract

An agreement that replaces a previous contract, containing new terms that all parties agree upon, effectively nullifying the original agreement.

Solar Power Shingles

Roof shingles designed to absorb sunlight and convert it into electricity, serving as both a roofing material and a source of renewable energy.