All of the Following Are Classified as Liabilities Except

question 165

Multiple Choice

All of the following are classified as liabilities except:

• A) Wages Payable.
• B) Accounts Payable.
• C) Taxes Payable.
• D) Notes Payable.
• E) Accounts Receivable.

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Definitions:

Fabricating Department

A section within a manufacturing company where raw materials are assembled or processed into finished products.

Weighted-Average Method

An inventory costing method that calculates the cost of goods sold and ending inventory value based on the average cost of all items available for sale during the period.

Equivalent Unit

A concept in cost accounting used to allocate costs to partially completed goods, equating them to an amount of finished goods.

Fabricating Department

A section within a manufacturing facility where raw materials are transformed into components or products through various processes like cutting, assembling, or molding.