Which of the following items cannot be found on a firm's balance sheet under current liabilities?
A) Accrued payroll taxes.
B) Accounts payable.
C) Short-term notes payable to the bank.
D) Accrued wages.
E) Cost of goods sold.

Question

Quizplus · Accepted Answer

Cost of goods sold is an expense account that appears on the income statement, not a liability account that would appear on the balance sheet. The other options are all current liabilities and would appear on the balance sheet.

Which of the Following Items Cannot Be Found on a Firm's