Which of the following is an example of a liability that might be owned by an antique mall?
A)an expensive Chinese urn with a small crack
B)the sales prices paid by customers
C)promotional signs
D)money owed to utility companies
E)accounting and inventory software

Question

Quizplus · Accepted Answer

Liabilities refer to the financial obligations or debts a company owes to others. Money owed to utility companies is a liability because it represents an amount the antique mall must pay for services received, such as electricity, water, or gas.

Which of the Following Is an Example of a Liability