Which statement below is FALSE?
A)Income taxes payable are tax debts owed to the government.
B)Accrued liabilities can include liabilities for salaries and utilities.
C)An asset always represents a future benefit.
D)Prepaid expenses include accrued interest payable.

Question

Quizplus · Accepted Answer

Prepaid expenses are payments made in advance for goods or services to be received in the future, not accrued interest payable. Accrued interest payable is a liability, not a prepaid expense.

Which Statement Below Is FALSE