All of the Following Are Classified as Liabilities Except

question 137

Multiple Choice

All of the following are classified as liabilities except:

• A)Accounts Receivable.
• B)Notes Payable.
• C)Wages Payable.
• D)Accounts Payable.
• E)Taxes Payable.

---

Definitions:

Storeroom

A room or space used for storing inventory, materials, or equipment.

Factory

A structure or set of structures where products are primarily constructed or compiled through the use of machines.

Job Order Cost System

An accounting system that accumulates manufacturing costs separately for each job or order to determine job-specific expenses and profitability.

Crude Oil Refining

The industrial process that transforms crude oil into useful petroleum products like gasoline, diesel fuel, asphalt base, heating oil, kerosene, and liquefied petroleum gas.