Which of the following is an example of current liability?
A) Accounts payable
B) Prepaid expenses
C) Inventory
D) Mortgage payable

Question

Quizplus · Accepted Answer

Accounts payable is a current liability as it represents the amount owed by a company to its suppliers for goods or services received but not yet paid for. Prepaid expenses are a current asset, inventory is also a current asset, and mortgage payable is a long-term liability.

Which of the Following Is an Example of Current Liability