Which of the following accounts belongs in the liability section of a balance sheet?
A) interest expense
B) accumulated depreciation
C) accounts payable
D) preferred stock

Question

Quizplus · Accepted Answer

Accounts payable is a liability account as it represents a company's obligation to pay its suppliers or vendors for goods or services received on credit. The other options, interest expense, accumulated depreciation, and preferred stock, belong to the expense, asset, and equity sections of the balance sheet, respectively.

Which of the Following Accounts Belongs in the Liability Section