All of the following accounts are considered to be current liabilities on the balance sheet except:
A) accounts receivable
B) accounts payable
C) accruals
D) notes payable

Question

Quizplus · Accepted Answer

Accounts receivable is actually an asset, not a liability. It represents the amount of money a company is owed by its customers for goods or services already delivered. Accounts payable, accruals, and notes payable are all examples of current liabilities because they represent money the company owes to other parties that must be paid off in the near future (usually within one year).

All of the Following Accounts Are Considered to Be Current