Which of the Following Is NOT a Current Liability

question 2

Multiple Choice

Which of the following is NOT a current liability?

• A) income taxes payable
• B) accrued expenses
• C) note payable
• D) account receivable

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Definitions:

Lottery

A lottery is a form of gambling that involves the drawing of numbers for a prize, often administered by state or federal governments.

Conspicuous Consumption

The act of spending money on and acquiring luxury goods and services to publicly display wealth and social status.

Thorstein Veblen

An American economist and sociologist known for his theory of the leisure class and critique of consumer culture.

Leisure Class

A segment of society that derives its income from investments, inheritance, or other non-labor sources, allowing its members to focus on leisure activities and cultural pursuits rather than traditional labor.