Skip employs a member of staff who has experience of debt collection. Skip should record the member of staff as a liability in the business's financial statements.

Question

Quizplus · Accepted Answer

A member of staff is considered an asset to the business, not a liability, as they contribute to the company's operations and potential revenue generation. Liabilities are obligations or debts the company owes to others.

Skip Employs a Member of Staff Who Has Experience of Debt