Which of the following is not true about liabilities?
A)Liabilities are amounts owed by a business.
B)Liability accounts have a normal credit balance.
C)Financing activities may affect the amount of liabilities.
D)Examples of liabilities include notes payable,contributed capital and income tax payable.

Question

Quizplus · Accepted Answer

Contributed capital is not a liability, it is a component of owner's equity.

Which of the Following Is Not True About Liabilities