Which of the Following Items Would Be Least Likely to Appear

question 40

Multiple Choice

Which of the following items would be least likely to appear in the current liabilities section of a classified balance sheet?

• A)Interest payable
• B)Salaries payable
• C)Accounts payable
• D)All of these answer choices are correct.

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Definitions:

Double Counting

The mistake of including both the value of intermediate products and the value of final products in calculating gross domestic product; counting the same production more than once

Financial Assets

Instruments that represent a financial value, including stocks, bonds, bank deposits, and mutual funds.

Transfer Payments

Cash or in-kind benefits given to individuals as outright grants from the government.

Double-Entry Bookkeeping

An accounting method that records each transaction in two accounts, ensuring that the total debits equals the total credits and maintaining the balance of the accounting equation.