Which of the Following Accounts Belong in the Liability Section

question 45

Multiple Choice

Which of the following accounts belong in the liability section of a balance sheet?

• A)interest expense
• B)accumulated depreciation
• C)accounts payable
• D)preferred stock

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Definitions:

Free Market Capitalism

Free Market Capitalism is an economic system characterized by private ownership of resources and businesses, where the prices of goods and services are determined in a free price system set by supply and demand.

Natural Force

These are elements of nature that can have profound effects on human activities and the environment, such as earthquakes, hurricanes, or solar radiation.

Social Responsibility

The obligation of individuals, organizations, and businesses to act for the benefit of society at large, focusing on ethical behavior and societal well-being.

Government Contract

A legally binding agreement between a business and a government agency to provide goods or services in exchange for payment.