Which of the Following Is Not a Liability

question 49

Multiple Choice

Which of the following is not a liability?

• A) An unused line of credit.
• B) Estimated income taxes.
• C) Sales tax collected from customers.
• D) Advances from customers.

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Definitions:

Nonrefundable Ticket

A ticket purchase that cannot be returned for a refund, often cheaper than refundable options and common in air travel.

Remainder

The amount left over or remaining after division or allocation.

Alternative

An option or choice that is available as a substitute or replacement for something else.

Market Supply Curve

A graphical representation showing the total quantity of a good that producers are willing to sell at various prices within a given time period.