Which of the Following Is Not Considered to Be a Liability

question 167

Multiple Choice

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

• A) Wages Payable
• B) Accounts Receivable
• C) Unearned Revenues
• D) Accounts Payable

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Definitions:

Minor

An individual under the legal age of adulthood, whose rights and responsibilities are restricted and partially under the guardianship of parents.

Voidable

A term used in contract law to describe an agreement that remains valid until one party chooses to cancel or void it due to certain defects or circumstances at the time of execution.

Contract

A legally binding agreement between two or more parties that creates mutual obligations enforceable by law.

Disaffirming

The act of rejecting or nullifying an agreement or contract, particularly in the context of legal minors or parties without the capacity to enter into a contract.