Which of the following is not considered to be a liability?
A) Note payable
B) Accounts receivable
C) Unearned revenues
D) Accounts payable

Question

Quizplus · Accepted Answer

Accounts receivable is not considered to be a liability as it represents the amount owed to the company by its customers for goods or services already provided. Liabilities are obligations or debts owed by a company to others. Choices A, C, and D are all considered to be liabilities as they represent amounts owed by the company to others (a note payable to a creditor, unearned revenues to customers who have paid in advance, and accounts payable to suppliers or vendors).

Which of the Following Is Not Considered to Be a Liability