Which of the Following Accounts Is Not a Liability

question 99

Multiple Choice

Which of the following accounts is not a liability?

• A)Accounts Payable
• B)Salaries Payable
• C)Unearned Rent
• D)All of the above answers are liabilities.

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Definitions:

Federal Budget

The government's plan for revenue and expenditures for a fiscal year, detailing how federal funds will be spent and collected.

Direct Taxes

Taxes levied directly on an individual's or organization's income or wealth, such as income tax and property tax.

Indirect Taxes

Taxes that are not directly paid by an individual but instead are levied on goods and services, such as sales tax or value-added tax.

Federal Government

The national government of a federal country, which holds the authority to govern the federation as a whole.