Estimated unpaid obligations for services or benefits that have been received prior to the balance sheet date are classified as:
A) miscellaneous assets.
B) accrued liabilities.
C) accounts payable.
D) deferred charges.

Question

Quizplus · Accepted Answer

Accrued liabilities represent obligations for services or benefits that have been received but not yet paid, and are therefore the best choice for estimated unpaid obligations that have been received prior to the balance sheet date. Miscellaneous assets, accounts payable, and deferred charges are not appropriate classifications for this type of obligation.

Estimated Unpaid Obligations for Services or Benefits That Have Been