Liability accounts are reported on the statement of financial position.

Name: Liability accounts are reported on the statement of financial position.
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Quizplus · Accepted Answer

This is true, liability accounts are reported on the statement of financial position (also known as the balance sheet) because they represent the obligations and debts owed by a company. Examples of liability accounts include accounts payable, loans payable, and accrued expenses.

Liability Accounts Are Reported on the Statement of Financial Position