Which of the Following Is Not Considered to Be a Liability

question 43

Multiple Choice

Which of the following is not considered to be a liability?

• A) wages payable.
• B) accounts payable.
• C) notes payable.
• D) cost of goods sold.

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Definitions:

Capital Goods

Goods that are used in producing other goods and services rather than being bought by consumers.

Opportunity Cost

The cost of forgoing the next best alternative when a decision is made to choose one option over another.

Production Possibilities Curve

A graphical representation showing the maximum quantity of goods and services that a society can produce with existing resources and technology, underlining the concept of opportunity cost.

Consumer Goods

Goods produced for direct consumption by the end customer, as opposed to goods used in the production of other goods.