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:

Debt

Money owed by one party, the debtor, to another, the creditor, typically arising from a loan or credit agreement.

Incidental Beneficiary

A person or entity who unintentionally gains a benefit from a contract between two other parties, though the contract was not specifically intended for their benefit.

Contractual Rights

Legal entitlements derived from agreements between parties that are enforceable by law.

Creditor Beneficiary

A third party that benefits from a contract made between two other parties, especially when the contract's purpose is to repay a debt or obligation.