Salaries payable, accounts payable, and taxes payable are examples of
A) expenses.
B) current liabilities.
C) current assets.
D) long-term liabilities.
E) owners' equity.

Question

Quizplus · Accepted Answer

Salaries payable, accounts payable, and taxes payable are all examples of current liabilities because they represent amounts owed to creditors or employees that are expected to be paid within a year or less. Current liabilities are considered short-term obligations that must be fulfilled in a timely manner.

Salaries Payable, Accounts Payable, and Taxes Payable Are Examples of