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:

Working Condition Fringes

These are non-taxable benefits provided by an employer for the benefit of the employee, related directly to the nature of the job.

Professional Organization Dues

Membership fees paid to belong to an organization related to one's professional field, which may be tax-deductible.

Employer-provided Vehicle

An employer-provided vehicle is a car or other vehicle that a company provides to its employees for their use, often as part of their compensation or benefits package.

Accrual Basis of Accounting

An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when the cash is actually received or paid.