Which of the following is a liability?
A) Retained profits
B) Prepaid advertising
C) Accumulated depreciation
D) Expenses payable

Question

Quizplus · Accepted Answer

Expenses payable is a liability as it represents an amount that a company owes to its creditors for goods or services received but not yet paid for. Retained profits are part of owners' equity, prepaid advertising is a type of asset, and accumulated depreciation is also a part of owners' equity.

Which of the Following Is a Liability