Which of the Following Statements About Liabilities Is Not Correct

question 215

Multiple Choice

Which of the following statements about liabilities is not correct?

• A)Liabilities are amounts owed by a business.
• B)Liability accounts have a normal credit balances.
• C)Financing activities may affect the amount of liabilities.
• D)Examples of liabilities include Notes Payable,Common Stock,and Income Tax Payable.

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