Which of the Following Is NOT a Liability

question 26

Multiple Choice

Which of the following is NOT a liability?

• A) Provision for long service leave
• B) Interest payable
• C) Share capital
• D) Creditors

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Definitions:

Total Cost Method

A cost-plus method of price setting in which all the costs of manufacturing the product plus the selling and administrative expenses are included in the cost amount to which the markup is added.

Manufacturing Cost

The total expense incurred in the process of producing a product, including direct labor, direct materials, and overhead costs.

Desired Profit

The target profit a company or individual aims to achieve in a specific period.

Net Loss

The amount by which expenses exceed revenues.