Which of the following is an example of a liability account?
A)Cash
B)Payroll Taxes Expense
C)Salaries and Wages Expense
D)FUTA Payable

Question

Quizplus · Accepted Answer

FUTA Payable is a liability account because it represents the amount of federal unemployment taxes that the company owes to the government but has not yet paid. A liability account is a type of account on the balance sheet that represents the amounts owed by a company to others, such as creditors or employees.

Which of the Following Is an Example of a Liability