Which of the Following Is Usually Not an Accrued Liability

question 25

Multiple Choice

Which of the following is usually not an accrued liability?

• A)Interest payable
• B)Wages payable
• C)Taxes payable
• D)Notes payable

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Definitions:

Standard Cost

A predetermined cost of manufacturing, established based on historical data, for the purpose of budgeting and performance evaluation.

Actual Cost

The true cost incurred to produce a good or deliver a service, including all direct and indirect expenses.

Cost Variances

Cost variances refer to the difference between the expected (budgeted) costs and the actual costs incurred during a specific period.

Management

The process of planning, organizing, leading, and controlling resources to achieve specific goals.