Which of the following is a liability account? a. Retained Earnings b. Equipment c. Utilities...
Question:
Which of the following is a liability account?
a. Retained Earnings
b. Equipment
c. Utilities payable
d. Common stock
Liabilities in Accounting:
Liabilities are defined in the accounting standards as obligations that a company incurred as the result of a past event that would require the sacrifice of resources in the future. Liabilities are reported as either current or long-term on the balance sheet.
Answer and Explanation: 1
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Let us discuss each alternative:
| a. Retained Earnings | No. Retained Earnings is an equity account. |
| b. Equipment | No, property, plant, and equipment... |
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Liabilities in Accounting: Definition & Examples
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Chapter 8 / Lesson 6
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Explore liabilities in accounting. Learn the definition of a liability and understand how it differs from assets. Discover various liabilities examples.
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