Which of the Following Items Does Not Appear on the Balance

question 167

Multiple Choice

Which of the following items does not appear on the balance sheet?

• A) Cash
• B) Notes payable
• C) Accounts receivable
• D) Withdrawals
• E) Accounts payable

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Definitions:

Fixed Costs

Expenses that do not change with the level of production or sales in the short term, such as rent, salaries, and insurance.

Variable Costs

Costs that vary directly with the level of production or sales, such as materials and labor.

Corporate Tax Rate

The percentage of a corporation's profits that is paid to the government as tax.

Recession

A significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.