Any item on a balance sheet labeled payable is a liability of that company.
Current Assets are listed on the balance sheet in order of how fast they are used up or can be turned into cash.
The basic accounting equation must always balance.
A) None
B) One
C) Two
D) Three

Question

Any item on a balance sheet labeled payable is a liability of that company.
Current Assets are listed on the balance sheet in order of how fast they are used up or can be turned into cash.
The basic accounting equation must always balance.
A) None 
B) One 
C) Two 
D) Three

Quizplus · Accepted Answer

The Answer of  Any item on a balance sheet labeled payable is a liability of that company.
Current Assets are listed on the balance sheet in order of how fast they are used up or can be turned into cash.
The basic accounting equation must always balance.
A) None 
B) One 
C) Two 
D) Three

Any Item on a Balance Sheet Labeled Payable Is a Liability