The estimated unpaid obligations for services or benefits that have been received before the balance sheet date are
A) accounts payable.
B) accounts receivable.
C) unearned liabilities.
D) accrued liabilities.

Question

Quizplus · Accepted Answer

Accrued liabilities are obligations for which payment has not yet been made but which have been incurred, such as salaries or utilities. They differ from accounts payable, which are obligations to pay for goods or services that have already been received but haven't yet been paid for. Unearned liabilities are liabilities for which the company has received payment but has yet to deliver the goods or services promised. Accounts receivable are amounts owed to the company by its customers for goods or services sold that have not yet been paid for.

The Estimated Unpaid Obligations for Services or Benefits That Have