Which of the Following Accounts Is NOT an Example of a Liability

question 76

Multiple Choice

Which of the following accounts is NOT an example of a liability?

• A) Wages payable
• B) Notes payable
• C) Accounts payable
• D) Accounts receivable

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Definitions:

Cost of Goods Manufactured

The total cost of materials, labor, and manufacturing overhead used to produce goods over a specific period.

Cost of Goods Sold

The expenses directly tied to the manufacture of products sold by a business, encompassing both materials and wages.

Finished Goods Inventory

Finished goods inventory refers to the stock of completed products ready for sale at the end of an accounting period.

Cost of Goods Manufactured

The total production cost of goods that are completed during a specific period.